Meta revenue increases 23.21% YoY to $34,146 million in Q3FY23

In the third quarter of the current fiscal year, Meta reported a revenue of $34,146 million, which is 23.21% higher than the $27,714 million it clocked in during Q3FY22.

The Cost and Expenses incurred by the tech giant also stood at $20,398 million in the quarter ended September 30, 2023. In the corresponding quarter of the previous fiscal year, the same stood at $22,050 million, meaning a decline of 7.49%.

As a result, Meta’s Income from Operations was also up 142.73% on a YoY basis to $13,748 million juxtaposed to the third quarter of the previous fiscal wherein it stood at $5,664 million.

Additionally, the Net Income of the tech major also stood at $11,583 million in the third quarter of the current fiscal year which is 163.55% higher than that of last year wherein it accounted for $4,395 million.

As per the results posted by the parent company of Facebook and Instagram for Q3FY23, the Family Daily Active People and Monthly Active People saw an increase of 7% each on a YoY basis.

This time around Meta’s Family DAP stood at 3.14 billion and MAP at 3.96 billion.

Similarly, Facebook’s Daily Active Users and Monthly Active Users also increased by 5% and 3% YoY, respectively. While the DAUs were 2.09 billion on average, the MAUs were 3.05 billion

Additionally, in the third quarter of 2023, the ad impressions delivered across Meta’s Family of Apps also increased by 31% YoY and the average price per ad decreased by 6% on a yearly basis.

On September 30, 2023, the headcount of Meta employees also stood at 66,185 which is 24% down YoY.

Commenting on the quarterly update, Mark Zuckerberg, Founder and CEO, Meta, stated, “We had a good quarter for our community and business,” and “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.”

Furthermore, Meta in its CFO Outlook Commentary also mentioned that it expects the fourth quarter of 2023’s total revenue to be in the range of $36.5-40 billion.

“Our guidance assumes a foreign currency tailwind of approximately 2% to year-over-year total revenue growth in the fourth quarter, based on current exchange rates,” the statement read.

Moreover, Meta also went on to add that it anticipates that their full-year 2023 total expenses will be in the range of $87-89 billion, lowered from the prior range of $88-91 billion.

“This outlook includes approximately $3.5 billion of restructuring costs related to facilities consolidation charges and severance and other personnel costs. We expect Reality Labs operating losses to increase year-over-year in 2023,” it added.

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