Meta Reports 23% Increase in Q3 Revenue to $34.1 Billion, Citing Savings From Restructuring Costs

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Facebook and Instagram parent beats analysts expectations and says it “substantially completed” planned layoffs that have shrunk its headcount by 24%

Meta Earnings
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Meta reported net income of $11.6 billion, or diluted earnings of $4.39 per share for its third quarter of 2023 on Wednesday, beating Wall Street expectations, results the company attributed in part to efficiencies from AI and mixed reality initiatives. Revenue grew 23% year over year to $34.1 billion.

Analysts surveyed by Zacks Investment Research were expecting the Facebook and Instagram parent company to report earnings of $3.62 per share and revenue of $33.45 billion. Despite beating consensus estimates, Meta shares were down about 3% in after-hours trading as of 4 p.m. PST.

Meta’s net income for the quarter marked a 164% increase from the same period a year ago. Daily


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