{"id":76741,"date":"2023-10-25T16:41:32","date_gmt":"2023-10-25T20:41:32","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/record-profits-sales-as-ads-stay-robust-during-zuckerbergs-year-of-efficiency\/"},"modified":"2023-10-25T16:41:35","modified_gmt":"2023-10-25T20:41:35","slug":"record-profits-sales-as-ads-stay-robust-during-zuckerbergs-year-of-efficiency","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=76741","title":{"rendered":"Record Profits, Sales As Ads Stay Robust During Zuckerberg\u2019s \u2018Year Of Efficiency\u2019"},"content":{"rendered":"
\n

Topline<\/h2>\n

Meta delivered its strongest sales and profits in its history last quarter, the firm shared in its earnings report Wednesday afternoon, as Mark Zuckerberg\u2019s social media empire continues to reverse course from its brutal 2022.<\/p>\n

Key Facts<\/h2>\n
\n
\n

The Facebook parent company reported $34.1 billion in sales and $4.39 earnings per share during the three-month stretch ending September 30, topping average respective analyst estimates of $33.6 billion and $3.64.<\/p>\n<\/p><\/div>\n

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That makes Q3 Meta\u2019s most profitable quarter ever, also bringing in its highest quarterly gross revenue on reco.<\/p>\n<\/p><\/div>\n

\n

Shares of Meta rose about 4% after the results\u2019 release, paring the stock\u2019s 4% loss in normal trading hours after competitor Alphabet\u2019s earnings disappointed.<\/p>\n<\/p><\/div>\n

\n

Meta, which generates more than 95% of revenue from advertising, can trace much of its topline success to advertisers’ increasing willingness to spend once again, with Meta\u2019s ad sales up 24% year-over-year.<\/p>\n

<\/fbs-ad>\n <\/div>\n

\n

And much of the improved profits stem from significant cost-cutting measures, with expenses down 8% year-over year as part of Zuckerberg\u2019s \u201cyear of efficiency\u201d headlined by more than 20,000 layoffs.<\/p>\n<\/p><\/div>\n

\n

Still, the company reported $3.7 billion of losses in Zuckerberg\u2019s pet metaverse division, bringing the total losses of the augmented and virtual reality unit since its 2021 inception to over $35 billion.<\/p>\n<\/p><\/div>\n<\/div>\n

Tangent<\/h2>\n

Meta faced among its most significant legal challenges yet Tuesday when 33 states sued the company for allegedly misleading Americans about the dangers of its Facebook and Instagram platforms on youths\u2019 mental health.<\/p>\n

Big Number<\/h2>\n

140%. That\u2019s how much Meta stock is up this year, making it the second best-performing stock on the S&P 500.<\/p>\n

Key Background<\/h2>\n

Despite this year\u2019s boom, Meta shares are still down about 15% from their 2021 peak thanks to its 60% drop last year. The staggering losses came as investors failed to buy into Zuckerberg\u2019s pivot away from social media and into the metaverse, highlighted by the company\u2019s October 2021 name change from Facebook to Meta, and ad dollars dried up. But Wall Street bought back into the company\u2019s vision after the company delivered a trio of strong earnings reports this year.<\/p>\n

<\/h2>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Topline Meta delivered its strongest sales and profits in its history last quarter, the firm shared in its earnings report Wednesday afternoon, as Mark Zuckerberg\u2019s social media empire continues to reverse course from its brutal 2022. Key Facts The Facebook parent company reported $34.1 billion in sales and $4.39 earnings per share during the three-month […]<\/p>\n","protected":false},"author":1,"featured_media":76742,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-76741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"\nRecord Profits, Sales As Ads Stay Robust During Zuckerberg\u2019s \u2018Year Of Efficiency\u2019 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Meta delivered its strongest sales and profits in its history last quarter, the firm shared in its earnings report Wednesday afternoon, as Mark\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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