Meta Announces Third-Quarter Financial Results and Outlook
Meta shared its revenue performance, changes in headcount, capital expenditures, and data for the Reality Labs unit in its third-quarter financial results.
Meta Platforms Inc. announced its third-quarter financial results while projecting fourth-quarter revenue estimates between $73 billion and $76 billion. The company also shared costs and developments regarding artificial intelligence and the Reality Labs unit while scaling back data center expenditures.
Meta Chief Financial Officer Susan Li stated during the earnings call with analysts that the company's headcount decreased by 12% on a quarterly basis to 66,000 people. This drop followed layoffs over the summer that affected 10% of the workforce. Meanwhile, the Reality Labs unit generated $443 million in sales revenue in the fourth quarter while posting a $4.13 billion loss. Analysts surveyed by StreetAccount expected $513 million in revenue and a $4.54 billion loss for this unit.
Sources
- cnbc.com · Link