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Meta blew Wall Street’s expectations out of the water on Wednesday when it reported earnings for the quarter ended in September, a sign that the company’s turnaround strategy continues to deliver as it says it’s “substantially completed” the layoffs portion of its cost cutting plan.
Social media company Meta, formerly known as Facebook, has reported a 164% increase in net profit for Q3 2023, reaching $11.58bn. The company's revenue also rose by 23%, driven by strong user metrics and a rebound in advertising. Meta's Q4 guidance predicts revenue of $36.5bn to $40bn, but also expects higher infrastructure-related costs in the coming year.
Meta blew Wall Street’s expectations out of the water on Wednesday when it reported earnings for the quarter ended in September, a sign that the company’s turnaround strategy continues to deliver as it says it’s “substantially completed” the layoffs portion of its cost cutting plan.
Meta again exceeded Wall Street’s expectations on Wednesday when it reported earnings for the quarter ended in September, in another sign that the company’s “year of efficiency” turnaround strategy continues to deliver. We've got the details.
After announcing a series of retrenchments, Meta’s headcount was down 24% to 66 185 employees as of 30 September.