Facebook-parent Meta beats revenue estimates, lowers 2023 expenses view By Reuters


© Reuters. FILE PHOTO: The logo of Meta Platforms’ business group is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo

(Reuters) – Meta beat expectations for third-quarter revenue on Wednesday as its social media platforms Facebook (NASDAQ:) 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%.

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