Meta's revenue from July to September surged by 23 per cent annually to more than $34.1 billion. AFP
Meta's revenue from July to September surged by 23 per cent annually to more than $34.1 billion. AFP
Meta's revenue from July to September surged by 23 per cent annually to more than $34.1 billion. AFP
Meta's revenue from July to September surged by 23 per cent annually to more than $34.1 billion. AFP

Meta shares rise as its Q3 net income surges 164% on strong advertising business


Alkesh Sharma
  • English
  • Arabic

Shares of Facebook parent company Meta rose briefly in after-hours trading after the company reported a 164 per cent increase in third-quarter net profit, driven by a recovery in its core digital advertising revenue and a surge in user numbers.

The California-based company posted a net profit of about $11.6 billion in the quarter that ended on September 30, up 48.7 per cent compared with the second quarter.

Revenue for the three-month period surged by an annual 23 per cent to more than $34.1 billion, exceeding analyst estimates of $33.5 billion.

This is the second consecutive quarter that the company has reported double-digit revenue growth since the fourth quarter of 2021.

Meta's shares initially gained 4.4 per cent in after-hours trading on Wednesday, although the gains were later erased.

The stock has gained about 140.12 per cent so far this year and the company had a market value of about $770.74 billion at close on Wednesday.

In the third quarter, advertising impressions delivered across Meta’s family of apps increased 31 per cent on an annual basis while the average price for an advertisement fell by 6 per cent year on year.

Meta’s family of apps includes Facebook, Instagram, Messenger, WhatsApp and other services.

Mark Zuckerberg, founder and chief executive of Meta, trying an augmented reality headset. Photo: Meta
Mark Zuckerberg, founder and chief executive of Meta, trying an augmented reality headset. Photo: Meta

“We had a good quarter for our community and business,” said Mark Zuckerberg, Meta founder and chief executive.

“I am proud of the work our teams have done to advance AI [artificial intelligence] and mixed reality with the launch of Quest 3, Ray-Ban Meta smart glasses and our AI studio.”

The company’s earnings per share jumped 168 per cent annually to $4.39 in the third quarter.

Meta, which employs 66,185 people, expects its December quarter total revenue to be in the range of $36.5 billion to $40 billion.

“Meta's strong guidance for fourth-quarter revenue is another indicator that the company may be starting to come out of the woods,” Jesse Cohen, senior analyst at Investing.com, told The National.

“Investors have been encouraged by aggressive cost-cutting initiatives implemented by Mark Zuckerberg in recent months.”

In the third quarter, the company's costs and expenses stood at $20.4 billion, down 7 per cent on an annual basis, while its capital expenditure, including principal payments on finance leases, stood at more than $6.7 billion.

As part of its restructuring efforts in March, Meta announced it would lay off 10,000 employees and close about 5,000 open roles.

In November last year, the company laid off 11,000 employees, or 13 per cent of its workforce.

Meta said restructuring charges in the third quarter totalled $380 million and $2.3 billion year to date and said it had “substantially completed planned employee layoffs”.

The company's advertising sales contributed more than 98.5 per cent to overall sales in the third quarter, growing by about 23.5 per cent on an annual basis to more than $33.6 billion.

Revenue from other streams – including the Reality Labs unit – jumped 5.4 per cent on an annual basis to about $503 million.

Founder Mark Zuckerberg launched Quest 3, Meta's latest virtual and mixed-reality headset, at an event last month. Reuters
Founder Mark Zuckerberg launched Quest 3, Meta's latest virtual and mixed-reality headset, at an event last month. Reuters

Reality Labs, which includes augmented and virtual reality-related consumer hardware, software and content for the metaverse, reported an operating loss of more than $3.7 billion.

The unit's operating losses are expected to “increase meaningfully year over year due to our ongoing product development efforts in augmented reality/virtual reality and our investments to further scale [up] our ecosystem”, said Susan Li, Meta’s chief financial officer.

The company expects total expenses this year to be in the range of $87 billion to $89 billion, lowered from its previous outlook in July.

It expects its 2023 capital expenditure to hover in the range of $27 billion and $29 billion.

“We anticipate our full-year 2024 capex will be in the range of $30 billion and $35 billion, with growth driven by investments in servers, including both non-AI and AI hardware, and data centres as we ramp up construction on sites,” Ms Li said.

  • Facebook CEO Mark Zuckerberg takes his seat to testify before the Senate Commerce, Science and Transportation Committee and the Senate Judiciary Committee joint hearing on 'Facebook, Social Media Privacy, and the Use and Abuse of Data' on Capitol Hill in Washington, DC, USA. Michael Reynolds / EPA
    Facebook CEO Mark Zuckerberg takes his seat to testify before the Senate Commerce, Science and Transportation Committee and the Senate Judiciary Committee joint hearing on 'Facebook, Social Media Privacy, and the Use and Abuse of Data' on Capitol Hill in Washington, DC, USA. Michael Reynolds / EPA
  • Facebook CEO Mark Zuckerberg takes his seat following a break in testifying before the Senate Commerce, Science and Transportation Committee and the Senate Judiciary Committee. Michael Reynolds / EPA
    Facebook CEO Mark Zuckerberg takes his seat following a break in testifying before the Senate Commerce, Science and Transportation Committee and the Senate Judiciary Committee. Michael Reynolds / EPA
  • Facebook CEO Mark Zuckerberg speaks with Senator John Thune and Senator Chuck Grassley following a joint hearing of the Senate Commerce, Science and Transportation Committee and Senate Judiciary Committee. Brendan Smialowski / AFP
    Facebook CEO Mark Zuckerberg speaks with Senator John Thune and Senator Chuck Grassley following a joint hearing of the Senate Commerce, Science and Transportation Committee and Senate Judiciary Committee. Brendan Smialowski / AFP
  • Facebook CEO Mark Zuckerberg departs after the hearing. Alex Brandon. AP Photo
    Facebook CEO Mark Zuckerberg departs after the hearing. Alex Brandon. AP Photo
  • Facebook CEO Mark Zuckerberg testifies before the Senate Commerce, Science and Transportation Committee and the Senate Judiciary Committee. Michael Reynolds / EPA
    Facebook CEO Mark Zuckerberg testifies before the Senate Commerce, Science and Transportation Committee and the Senate Judiciary Committee. Michael Reynolds / EPA
  • Facebook CEO Mark Zuckerberg testifies before the Senate Commerce, Science and Transportation Committee and the Senate Judiciary Committee. Shawn Thew / EPA
    Facebook CEO Mark Zuckerberg testifies before the Senate Commerce, Science and Transportation Committee and the Senate Judiciary Committee. Shawn Thew / EPA
  • Facebook CEO Mark Zuckerberg testifies during a Senate Commerce, Science and Transportation Committee and Senate Judiciary Committee. Jim Watson / AFP
    Facebook CEO Mark Zuckerberg testifies during a Senate Commerce, Science and Transportation Committee and Senate Judiciary Committee. Jim Watson / AFP
THE BIO

Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.

Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.

Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.

Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.

 

 

While you're here
NBA FINALS SO FAR

(Toronto lead 3-2 in best-of-seven series)

Game 1 Raptors 118 Warriors 109

Game 2 Raptors 104 Warriors 109

Game 3 Warriors 109 Raptors 123

Game 4 Warriors 92 Raptors 105

Game 5 Raptors 105 Warriors 106

Game 6 Thursday, at Oakland

Game 7 Sunday, at Toronto (if needed)

Teams

Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq

Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi

Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag

Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC

Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC

Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan

Venue Sharjah Cricket Stadium

Format 10 overs per side, matches last for 90 minutes

Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals

Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20myZoi%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Syed%20Ali%2C%20Christian%20Buchholz%2C%20Shanawaz%20Rouf%2C%20Arsalan%20Siddiqui%2C%20Nabid%20Hassan%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2037%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20Initial%20undisclosed%20funding%20from%20SC%20Ventures%3B%20second%20round%20of%20funding%20totalling%20%2414%20million%20from%20a%20consortium%20of%20SBI%2C%20a%20Japanese%20VC%20firm%2C%20and%20SC%20Venture%3C%2Fp%3E%0A
Dengue%20fever%20symptoms
%3Cul%3E%0A%3Cli%3EHigh%20fever%3C%2Fli%3E%0A%3Cli%3EIntense%20pain%20behind%20your%20eyes%3C%2Fli%3E%0A%3Cli%3ESevere%20headache%3C%2Fli%3E%0A%3Cli%3EMuscle%20and%20joint%20pains%3C%2Fli%3E%0A%3Cli%3ENausea%3C%2Fli%3E%0A%3Cli%3EVomiting%3C%2Fli%3E%0A%3Cli%3ESwollen%20glands%3C%2Fli%3E%0A%3Cli%3ERash%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3EIf%20symptoms%20occur%2C%20they%20usually%20last%20for%20two-seven%20days%3C%2Fp%3E%0A
Jigra
Director: Vasan Bala
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Rated: 3.5/5
MATCH INFO

Rugby World Cup (all times UAE)

Final: England v South Africa, Saturday, 1pm

Andor
%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Tony%20Gilroy%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EDiego%20Luna%2C%20Genevieve%20O'Reilly%2C%20Alex%20Ferns%3Cbr%3E%3Cstrong%3ERating%3A%205%3C%2Fstrong%3E%2F5%3C%2Fp%3E%0A
COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

match info

Athletic Bilbao 1 (Muniain 37')

Atletico Madrid 1 (Costa 39')

Man of the match  Iker Muniain (Athletic Bilbao)

Scoreline

Syria 1-1 Australia

Syria Al Somah 85'

Australia Kruse 40'

Traits of Chinese zodiac animals

Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent   

Personalities on the Plate: The Lives and Minds of Animals We Eat

Barbara J King, University of Chicago Press 

ANATOMY%20OF%20A%20FALL
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EJustine%20Triet%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ESandra%20Huller%2C%20Swann%20Arlaud%2C%20Milo%20Machado-Graner%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Company%C2%A0profile
%3Cp%3ECompany%3A%20Zywa%3Cbr%3EStarted%3A%202021%3Cbr%3EFounders%3A%20Nuha%20Hashem%20and%20Alok%20Kumar%3Cbr%3EBased%3A%20UAE%3Cbr%3EIndustry%3A%20FinTech%3Cbr%3EFunding%20size%3A%20%243m%3Cbr%3ECompany%20valuation%3A%20%2430m%3C%2Fp%3E%0A

The Saga Continues

Wu-Tang Clan

(36 Chambers / Entertainment One)

BULKWHIZ PROFILE

Date started: February 2017

Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)

Based: Dubai, UAE

Sector: E-commerce 

Size: 50 employees

Funding: approximately $6m

Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait

Diriyah%20project%20at%20a%20glance
%3Cp%3E-%20Diriyah%E2%80%99s%201.9km%20King%20Salman%20Boulevard%2C%20a%20Parisian%20Champs-Elysees-inspired%20avenue%2C%20is%20scheduled%20for%20completion%20in%202028%0D%3Cbr%3E-%20The%20Royal%20Diriyah%20Opera%20House%20is%20expected%20to%20be%20completed%20in%20four%20years%0D%3Cbr%3E-%20Diriyah%E2%80%99s%20first%20of%2042%20hotels%2C%20the%20Bab%20Samhan%20hotel%2C%20will%20open%20in%20the%20first%20quarter%20of%202024%0D%3Cbr%3E-%20On%20completion%20in%202030%2C%20the%20Diriyah%20project%20is%20forecast%20to%20accommodate%20more%20than%20100%2C000%20people%0D%3Cbr%3E-%20The%20%2463.2%20billion%20Diriyah%20project%20will%20contribute%20%247.2%20billion%20to%20the%20kingdom%E2%80%99s%20GDP%0D%3Cbr%3E-%20It%20will%20create%20more%20than%20178%2C000%20jobs%20and%20aims%20to%20attract%20more%20than%2050%20million%20visits%20a%20year%0D%3Cbr%3E-%20About%202%2C000%20people%20work%20for%20the%20Diriyah%20Company%2C%20with%20more%20than%2086%20per%20cent%20being%20Saudi%20citizens%0D%3C%2Fp%3E%0A
Biog

Mr Kandhari is legally authorised to conduct marriages in the gurdwara

He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada

Father of two sons, grandfather of six

Plays golf once a week

Enjoys trying new holiday destinations with his wife and family

Walks for an hour every morning

Completed a Bachelor of Commerce degree in Loyola College, Chennai, India

2019 is a milestone because he completes 50 years in business

 

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Updated: October 26, 2023, 6:39 AM