Shulou(Shulou.com)11/24 Report--

Meta, the parent company of Facebook, today released its results for the third quarter of fiscal year 2023, which ended September 30, Beijing time. Meta's total revenue in the third quarter was $34.146 billion, up 23% from $27.714 billion a year earlier, while net profit was $11.583 billion (84.755 billion yuan), up 164% from $4.395 million a year earlier, according to the results.

Meta's third-quarter revenue and earnings per share both beat analysts' consensus expectations. The meta-universe business that Meta founder Mark Zuckerberg (Mark Zuckerberg) bet heavily on is still "bleeding". In the third quarter, Meta's reality lab division, which oversees meta-cosmos, lost another $3.7 billion (27.1 billion yuan) in operating. As of press time, Meta shares were down less than 1 per cent in after-hours trading.

The quarterly loss stock price performance of the metacosmos division:

Meta shares fell in after-hours trading 0.18%Meta opened Wednesday at $310 on the Nasdaq Stock Exchange. By Wednesday's close, Meta shares were down $13.02, or 4.17%, at $299.53. Meta shares fell 53 cents, or 0.18 percent, to $299 in after-hours trading as of 17:57 et (5:57 Beijing time on Thursday). Over the past 52 weeks, Meta shares have traded as high as $330.54 and as low as $88.09.

Operating points for the third quarter:

-- in September 2023, the average number of daily active users (DAP) of family applications was 3.14 billion, an increase of 7% over the same period last year; as of September 30, 2023, the monthly active number of family applications (MAP) was 3.96 billion, an increase of 7% over the same period last year

-- in September 2023, the average number of daily active users (DAU) of Facebook was 2.09 billion, an increase of 5% over the same period last year; as of September 30, 2023, the number of monthly active users of Facebook (MAU) was 3.05 billion, an increase of 3% over the same period last year

In the third quarter, the number of advertising impressions on family apps increased by 31% year-on-year, and the average price per ad fell 6% year-on-year.

Financial results for the third quarter:

Total revenue was $34.146 billion, up 23% from $27.714 billion in the same period last year.

Advertising revenue was $33.643 billion, up 24% from $27.237 billion in the same period last year; other revenue was $293 million, up 53% from $192 million in the same period last year

The revenue of the reality laboratory division responsible for metacosmos was $210 million, down 26% from $285 million in the same period last year, while the operating loss was $3.742 billion, an increase of 2% from the operating loss of $3.672 billion in the same period last year.

-- operating profit was $13.748 billion, up 143% from $5.664 billion in the same period last year; operating profit margin was 40%, up 20% from 20% in the same period last year

-- net profit was $11.583 billion, up 164% from $4.395 billion in the same period last year, and diluted earnings per share was $4.39, up 168% from $1.64 in the same period last year.

-- cost and expenditure were $20.4 billion, down 7% from a year earlier; capital expenditure was $6.76 billion

-as of September 30, 2023, Meta held a total of $61.12 billion in cash, cash equivalents and marketable securities. The free cash flow is $13.64 billion.

In the third quarter, Meta bought back $3.7 billion worth of Class A common shares. As of September 30, 2023, Meta's remaining authorized repurchase quota was $37.22 billion.

Executive comments:

"our community and corporate business have done well this quarter," said Zuckerberg, founder and CEO of Meta. "I am proud of the work our team has done to promote artificial intelligence and hybrid reality, launching Quest 3, Ray-Ban Meta Smart glasses and our artificial Intelligence Studio (AI studio) this quarter."

Outlook:

Meta expects total revenue in the fourth quarter of 2023 to be between $36.5 billion and $40 billion; total expenditure in 2023 will be between $87 billion and $89 billion, down from $88 billion to $91 billion; and capital expenditure in 2023 will be between $27 billion and $29 billion. lower than the previous forecast of $27 billion to $30 billion

The operating loss of reality Lab is expected to continue to expand year-on-year in 2023.

Total expenditure for the whole of 2024 is expected to be between $94 billion and $99 billion; capital expenditure is between $30 billion and $35 billion.

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