Meta's Q3 profit hits $11.58 billion, marking its fastest growth since 2021

Meta's Q3 profit hits $11.58 billion, marking its fastest growth since 2021

Shafaq News / Social media giant Meta on Thursday reported that its net profit rose 164% to touch $11.58 billion for the quarter ended September 30 as compared to $4.4 billion during the same period last year.

The Menlo Park-headquartered company saw revenue surge 23%, in the fastest rate of growth that the company has seen since 2021.

"We had a good quarter for our community and business," CEO Mark Zuckerberg said in a statement.

"I'm proud of the work our teams have done to advance AI and mixed reality with the launch of Quest 3, Ray-Ban Meta Smart Glasses and our AI studio."

Third-quarter revenue touched $34.15 billion buoyed by healthy numbers in user metrics as well as a bounceback in advertising. Daily active users (DAUs) stood at 2.09 billion while Monthly active users (MAUs) totalled 3.05 billion. The Average revenue per user (ARPU) was $11.23.

Meta, with its family of apps—WhatsApp, Instagram and Facebook—is ahead of the competition when it comes to the ads business, which was what fuelled its growth in Q3. Google parent Alphabet said in its earnings just a day earlier that ad revenue increased about 9.5%, while Snap reported revenue growth of 5%.

"In the third quarter of 2023, ad impressions delivered across our Family of Apps increased by 31% year-over-year and the average price per ad decreased by 6% year-over-year," the statement read.

(The Economic Times)

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