Meta beats revenue estimates, lowers 2023 expenses view

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 company 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 extended 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.

Meta saw 7% growth in daily active people (DAP) – a metric it uses to track unique users who used any one of its apps such as Facebook, Instagram, Messenger or WhatsApp in a day. DAP grew 7% in the preceding June quarter.

Facebook’s daily active users grew 5%, while ad impressions across Meta’s apps grew 31%.