Meta Platforms reported third-quarter revenue above Wall Street expectations on Wednesday, October 21, and issued a strong revenue outlook for the current quarter, sending its shares up about 2.5% in extended trade.
\n\nThe Facebook and Instagram parent reported revenue of $64.60 billion for the quarter ended September 30, up 26% from $51.24 billion a year earlier. Revenue beat the LSEG consensus estimate of $63.37 billion.
\n\nEarnings per share stood at $3.83, compared with $1.05 a year earlier.
\n\nMeta's net income rose to $9.86 billion from $2.71 billion a year earlier.
\n\nA notable expense in the quarter was a $9.89 billion charge related to an agreement with 52 US state attorneys general to resolve litigation over teen mental health and social media.
\n\n“We hit major milestones this quarter toward delivering personal superintelligence for everyone – including launching Muse and Muse Wonder, our first frontier model,” Meta CEO Mark Zuckerberg said in the earnings release.
\n\n“Our investments are paying off, the core business is strong, and we're seeing velocity across the board.”
\n\nMeta expects fourth-quarter revenue of $73 billion to $76 billion, putting the midpoint at $74.5 billion, above analysts' expectations of $73.73 billion, according to LSEG.
\n\nThe company expects full-year 2026…
Original source: https://www.cnbctv18.com/technology/
