Meta reports fall in quarterly revenue - but still beats expectations

2 years ago 41

Facebook genitor Meta has beaten estimates for its quarterly revenue, helped by its continued dominance of the online advertizing market.

Revenue successful the 3rd 4th fell for a 2nd consecutive clip to $27.71bn (£23.83bn) from $29.01bn (£24.94bn).

But it was inactive supra analysts' anticipation of $27.38bn (£23.54bn), according to Refinitiv data.

Net income fell to $4.40bn (£3.78bn), oregon $1.64 per share, from $9.19bn (£7.9bn), oregon $3.22 per share, a twelvemonth earlier.

The institution said it is making "significant changes crossed the committee to run much efficiently".

"We are holding immoderate teams level successful presumption of headcount, shrinking others and investing headcount maturation lone successful our highest priorities," it added.

"As a result, we expect headcount astatine the extremity of 2023 volition beryllium astir in-line with 3rd 4th 2022 levels.

"We person accrued scrutiny connected each areas of operating expenses.

"However, these moves travel a important concern cycle, truthful they volition instrumentality clip to play retired successful presumption of our wide disbursal trajectory.

"Some steps, similar the ongoing rationalisation of our bureau footprint, volition pb to incremental costs successful the adjacent term.

"This should acceptable america up good for aboriginal years, erstwhile we expect to instrumentality to higher rates of gross growth."

Expenses successful 2022 are expected to beryllium successful the scope of $85bn to $87bn, with full-year expenses adjacent twelvemonth estimated astatine $96bn to $101bn.

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