Meta's Q3 2023 earnings were $293 million, a 53% YoY growth, largely driven by the WhatsApp Business platform. The company earns revenue from business messaging by charging businesses for different types of messages and offering click-to-message and click-to-WhatsApp ads. Recently, WhatsApp has introduced business products like custom personalized messages and WhatsApp Flows for an enhanced in-app shopping experience. Meta also plans to use generative AI for business accounts to respond to customer queries.
Key takeaways:
- Meta is focusing on business messages for revenue generation, with plans to tap into generative AI-based bots for business use cases such as customer support.
- Users and businesses interact more than 600 million times per day across Meta's platforms, with over 60% of WhatsApp users in India messaging a business app account.
- Meta's revenue in Q3 2023 was $293 million, a 53% year-on-year growth, largely driven by the WhatsApp Business platform which has over 200 million monthly active users.
- Meta plans to leverage generative AI to enable business accounts to respond to customer queries and purchases, and has introduced new business products such as custom personalized messages and WhatsApp Flows for a richer in-app shopping experience.