Net profit increased by over 1.6 times! Meta's revenue growth rate in the third quarter reached a two-year high, but the momentum of losses in the metaverse has not decreased
我放心你带套猛
发表于 2023-10-26 10:20:17
263
0
0
Meta (Nasdaq: META), a social media giant that has gradually adjusted its market positioning, outperformed market expectations in the third quarter, with advertising revenue accounting for over 98.5% of total revenue.
On October 25th local time, Meta announced its results for the third quarter of the 2023 fiscal year as of September 30th, with a revenue of $34.146 billion, a 23% increase from the same period last year and higher than the market's expected $33.52 billion; Net profit increased by 164% year-on-year to $11.583 billion; Diluted earnings per share increased by 168% year-on-year to $4.39, higher than market expectations of $3.58.
For Meta, a 23% revenue growth is also the company's largest revenue growth since the third quarter of 2021. Meta predicts that in the next fiscal quarter, the company's revenue will reach between $36.5 billion and $40 billion. If calculated at the midpoint of the forecast range of $38.25 billion, Meta's fourth quarter revenue will increase by 19% year-on-year.
Mark Zuckerberg, CEO of Meta, said, "Our community and business have had a good quarter, and I am proud of our team's work in launching XR (Hybrid Reality) Head Display Quest 3, Ray Ban Meta Smart Glasses, and AI (Artificial Intelligence) Studio
After the day's trading, Meta's stock price rose by over 4% at one point. Since the beginning of this year, Meta's stock price has increased by over 140%, with a total market value of $770.74 billion.
Overview of Meta's revenue for the third quarter. Source: Meta Financial Report
From a business perspective, advertising revenue from social media platforms remains the main component of Meta's revenue in the third quarter, with a year-on-year increase of 24% to $33.643 billion, accounting for over 98.5% of the total revenue. The financial report shows that the Meta application series Family of Apps (FoA), including Instagram, Facebook, and WhatsApp, has driven revenue growth, with revenue reaching $33.936 billion in the third quarter, a year-on-year increase of 24%.
On the other hand, Reality Labs, which is responsible for AR (augmented reality) and VR (virtual reality) businesses, still suffered a huge loss of $3.742 billion in the third quarter, up from $3.672 billion in the same period last year. Since the first quarter of last year, the total loss of the department has been close to $25 billion in the past two years.
Meta also warned in its financial report that due to the company's ongoing product development work in the AR and VR fields and increased investment to expand its ecosystem, it is expected that Reality Labs will experience a "significant year-on-year increase" in operating losses this fiscal year.
Meta's business performance in the third quarter. Source: Meta Financial Report
Debra Aho Williamson, a senior electronics market analyst, stated that the main issue for Meta this quarter remains Reality Labs, with losses reaching alarming levels and no signs of improvement.
At the beginning of this year, after the company laid off tens of thousands of employees, Zuckerberg stated that 2023 would be a "year of efficiency" and would significantly reduce the company's operating costs by opening up resources and reducing costs. The financial report shows that as of the end of the second quarter, the total number of Meta employees decreased by 24% year-on-year to 66185. Meta stated that as of September 30, 2023, the "vast majority" of employees affected by the 2023 layoffs were included in the reported number of employees.
Zuckerberg's pursuit of the "Year of Efficiency" has indeed been effective, with financial reports showing that the company's total costs and expenses in the third quarter decreased by 7% year-on-year to $20.4 billion.
During the conference call, Zuckerberg also reiterated the company's emphasis on AI, stating that in 2024, AI will become Meta's largest investment area in terms of engineering and computing resources. He added that in order to avoid assigning a large number of new employees, the company will lower the priority of some non AI projects and shift relevant personnel to AI work.
Another focus of attention in Meta's current financial report is the Threads platform launched by the company in July this year to compete with X (formerly Twitter). Zuckerberg also posted an article celebrating that Threads had over 100 million users on the fifth day after its launch, breaking the record for chat robot ChatGPT's growth rate. However, after that, as the Threads craze gradually faded, Meta no longer updated platform related information.
During the conference call, Zuckerberg finally mentioned Threads, stating that the current monthly active users of Threads are slightly less than 100 million, and the company's goal is to have 1 billion users on the platform in the future: "I believe that if we can persist in our current state for a few more years, there will be a great opportunity to achieve this vision
CandyLake.com 系信息发布平台,仅提供信息存储空间服务。
声明:该文观点仅代表作者本人,本文不代表CandyLake.com立场,且不构成建议,请谨慎对待。
声明:该文观点仅代表作者本人,本文不代表CandyLake.com立场,且不构成建议,请谨慎对待。
猜你喜欢
- JD's net profit increased by nearly 70% in the second quarter. Xu Ran: We will firmly promote the low price strategy and achieve double-digit growth in the number of users
- Shadow over Est é e Lauder: Disappointed in the Chinese market, net profit plummets by over 60%
- Q2 revenue and net profit both increase, stock price rises by about 11%. Ctrip: Outbound hotel and flight bookings fully recover to 2019 levels
- Ctrip's net profit increased significantly in the first half of the year, and the visa free policy boosted the popularity of inbound travel bookings, nearly doubling
- LeXin's net profit for the second quarter was 227 million yuan, a year-on-year decrease of over 36%, and revenue increased by over 19%
- Southern Financial Research News | Tianfeng Securities' Guo Mingchi: Nvidia's revenue expectation for the third quarter of fiscal year 2025 is lower than the buyer's expectation
- Net profit declines, gross profit slightly decreases, ideal still needs to create pure electric SUVs | Direct hit performance meeting
- After half a year of net profit halving, Ideal faces the dual pressure of competing products returning and product gaps
- Goldman Sachs CEO takes precautions: third quarter performance may not be ideal, trading business tends to decline by 10%
- Under the leadership of Liu Qiangdong, JD.com has once again increased salaries: the retail group and functional system will achieve 20% salary in two years
-
9月が終わり、映画・テレビ業界が暗躍している。最近、愛奇芸の創始者でCEOのGONG宇氏は、映画・テレビ業界が長短の変化、AIの変化、中国映画・テレビドラマの海外進出の変化の3つの変化を経験していると発表した。 ...
- 寒郁轩良
- 6 小时前
- 支持
- 反对
- 回复
- 收藏
-
8月のトヨタ自動車(ダイハツ自動車と日野自動車を除く、レクサスを含む)の世界生産台数は前年同月比11.2%減の709571台、世界販売台数は前年同月比3.1%減の826863台だった。 日本本土市場では、トヨタ自動車の8月 ...
- SOGO
- 前天 18:03
- 支持
- 反对
- 回复
- 收藏
-
ネットワーク状況監視サイトDownDetectorによると、オーディオストリーミングプラットフォームSpotifyは日曜日に約3時間にわたる障害を経験した後、正常に回復し、ピーク時には米国の4万人以上のユーザーに影響を与 ...
- hecgdge4
- 10 小时前
- 支持
- 反对
- 回复
- 收藏
-
百済神州(688235.SH)はA株の有名な革新薬企業で、2017-2024年上半期、同社の各期の研究開発投資はA株の化学製薬会社(申万二級)の中で最も高く、研究開発費用は合計600億元を超えた。 しかし、百済神州にとって ...
- wylz8473
- 昨天 18:36
- 支持
- 反对
- 回复
- 收藏