Facebook parent Meta on Wednesday posted sharply higher earnings for the third quarter, boosted by an increase in advertising revenue and lower expenses after it laid off thousands of workers.
Meta, based in Menlo Park, California, said that it earned $11.58 billion, or $4.39 per share, in the July-September quarter.
Analysts, on average, were expecting earnings of $3.64 per share on revenue of $33.58 billion, according to a poll by FactSet.
CEO Mark Zuckerberg said in a conference call with analysts that Meta's Twitter-like Threads app, which launched in July, has 100 million monthly active users.
For the current quarter, Meta is forecasting revenue of $36.5 billion to $40 billion.
Persons:
FactSet, ”, Jeremy Goldman, ” Goldman, “, Mark Zuckerberg, Meta
Organizations:
Meta, Revenue, of Columbia, Facebook, Twitter, Platforms Inc
Locations:
Menlo Park , California