Meta Q3 Earnings Beat Expectations with 19% Revenue Growth
Meta's third-quarter earnings for fiscal year 2024 exceeded expectations, showcasing significant growth in various key metrics. Daily active users saw a 5% increase, reaching 3.29 billion, while ad impressions surged by 7%. The company's revenue experienced a notable uptick of 19% to $40.6 billion, outperforming projections. Additionally, the earnings per share (EPS) stood at $6.03, surpassing forecasts. Looking ahead, Meta anticipates Q4 revenue to fall within the range of $45-48 billion. Furthermore, the capital expenditure (Capex) for fiscal year 2024 is estimated to be between $38-40 billion, with substantial growth anticipated in 2025. Despite the strong financial results, the stock witnessed a 3% decline.
Meta's Performance Highlights
- Revenue growth of 19% to $40.6 billion
- Daily active users up by 5% to 3.29 billion
- Ad impressions increased by 7%
- Earnings per share (EPS) at $6.03
- Q4 revenue projected between $45-48 billion
- Capex for FY24 expected to be $38-40 billion
Challenges and Opportunities
Despite the positive financial performance, Meta is facing challenges such as high capital expenditures and legal issues. However, the company's AI strategy and the development of new AR products show promising progress. Meta Platforms, Inc. is dedicated to navigating these hurdles while continuing to innovate and adapt in the ever-evolving digital landscape.
Meta Platforms, Inc. (META) delivered a strong financial performance in Q3 FY24, exceeding market expectations in terms of revenue and EPS. The company's strategic focus on AI technologies and the introduction of new AR products are key drivers of its growth trajectory. With a proactive approach to addressing challenges and capitalizing on emerging opportunities, Meta is poised to maintain its position as a leading player in the digital realm.
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