(AOF) – Meta Platforms is expected to decline, with uncertainty over the outlook outweighing better-than-expected results. The owner of Facebook, Instagram and WhatsApp recorded third-quarter net profit up 164% to $11.58 billion, or $4.39 per share. Analysts on average were targeting $3.64. Revenue rose 23% to $34.15 billion versus a consensus of $33.52 billion. The operating margin increased from 20% to 40% in one year.
Mark Zuckerberg’s firm claims 3.05 billion monthly active users in September, an increase of 3%.
Regarding the current quarter, the Californian firm forecasts a turnover of between $36.5 billion and $40 billion, also exceeding market expectations: $39.5 billion.
Meta Platforms expects its total spending for 2023 to be in the range of $87 billion to $89 billion, down from its previous range of $88 billion to $91 billion.
During the conference call with analysts, CFO Susan Li warned that the revenue outlook is uncertain for 2024. “We are very dependent on the volatility of the macroeconomic environment.” she added.
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