Despite the positive report, the company's shares fell by over 3% in extended trading due to concerns about the macro environment. CEO Mark Zuckerberg stated that artificial intelligence would be the company's top investment priority for 2024, and the company plans to increase its headcount significantly by the end of 2024. The company also warned of potential regulatory pressures, specifically regarding a plan by the U.S. privacy regulator to ban making money from minors' data.
Key takeaways:
- Meta Platforms, owner of Facebook, Instagram, and WhatsApp, reported a 23% rise in revenue to $34.15 billion for Q3, beating expectations, with earnings per share increasing to $4.39.
- The company trimmed its total 2023 expenses to a range of $87 billion to $89 billion, from a previous range of $88 billion to $91 billion, and forecast 2024 total expenses in the range of $94 billion to $99 billion.
- Meta plans to prioritize artificial intelligence as the top investment priority for 2024, and expects to end the year with a significantly higher headcount than its current 66,000-person workforce.
- Despite an initially positive response to the earnings report, Meta shares declined over 3% in extended trading after executives expressed concerns about the macro environment and regulatory pressures, particularly a plan to ban making money from minors' data.