San Francisco, Oct 26 (SocialNews.XYZ) Meta registered $34 billion in revenue in its third quarter, up 23 per cent from the same quarter last year.
Total costs and expenses were $20.40 billion, a decrease of 7 per cent (year-over-year) in the September quarter. Net income rose 164 per cent from a year earlier to $11.58 billion in the quarter.
However, the company is still burning cash with its Reality Labs division and Meta expects its operating losses there to increase “meaningfully” year-over-year. Meta’s AR-VR division has lost close to $25 billion since the start of last year.
"We had a good quarter for our community and business. I’m proud of the work our teams have done to advance AI and mixed reality with the launch of Quest 3, Ray-Ban Meta smart glasses, and our AI studio,” Meta Founder and CEO Mark Zuckerberg said in a statement late on Wednesday.
The Meta stock initially went up but then fell more than 3 per cent. The company had 3.14 billion family daily active people (DAP) on average for September, an increase of 7 per cent year-over-year.
Facebook daily active users (DAUs) were 2.09 billion on average for September, an increase of 5 per cent.
“We expect fourth quarter 2023 total revenue to be in the range of $36.5-40 billion,” said the company. Meta’s Reality Labs division, which focuses on AR-VR, registered $3.74 billion in operating losses for the quarter.
Meta has 66,185 employees as of September 30, which is a 24 per cent year-over-year decrease.
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
