Mark Zuckerberg’s Meta beat expectations for third-quarter revenue on Wednesday as its social media platforms Facebook and Instagram drew advertisers looking to capitalize on resilient consumer spending.
The corporate also trimmed its 2023 total expenses view to $87 billion to $89 billion from its earlier forecast range of $88 billion to $91 billion.
Shares of Meta rose 4% in prolonged trading.
Revenue rose 23% to $34.15 billion for the quarter ended September. Analysts were expecting revenue of $33.56 billion, according to LSEG data.
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Meta saw 7% growth in every day energetic people (DAP) – a metric it uses to track unique users who used any one among its apps similar to Facebook, Instagram, Messenger or WhatsApp in a day. DAP grew 7% within the preceding June quarter.
Facebook’s every day energetic users grew 5%, while ad impressions across Meta’s apps grew 31%.