Meta (META) Shares Rise After Q3 EPS, Revenue Beat Estimates
Oct 26, 2023 - bloomberg.com
Meta Platforms Inc. has warned investors of potential economic uncertainty, despite plans to heavily invest in new ventures such as virtual reality and artificial intelligence. The company's shares fell in extended trading following the announcement. CFO Susan Li expressed the company's vulnerability to macroeconomic volatility and stated that the revenue outlook for 2024 remains uncertain.
The company, however, managed to recover from advertisers' budget cuts in the past year and continues to spend heavily on virtual reality and AI. Despite the revenue growth that beat average estimates, the warning about economic uncertainty led to a slide in Meta's shares.
Key takeaways:
Meta Platforms Inc. warned about an uncertain economic environment impacting its advertising recovery.
The company is still heavily investing in newer businesses such as virtual reality and artificial intelligence.
Shares of Meta fell in extended trading following the announcement.
Chief Financial Officer Susan Li stated that the revenue outlook for 2024 is uncertain due to volatility in the macro landscape.
