Mark Zuckerberg, CEO of Meta, testifies during the Senate Judiciary Committee hearing titled “Big Tech and the Online Child Sexual Exploitation Crisis,” in Dirksen building on Wednesday, January 31, 2024.
Tom Williams | CQ-Roll Call, Inc. | Getty Images
Meta shares were down 2% after the company reported weaker-than-expected user numbers in its third-quarter earnings report.
Here are the results.
- Earnings per share: $6.03 vs. $5.25 expected by LSEG
- Revenue: $40.59 billion vs. $40.29 billion expected by LSEG
The company said it is expecting fourth-quarter revenue to be between $45 billion and $48 billion. The midpoint of that guidance is higher than the analyst consensus of $46.3 billion.
Meta said daily active people grew 5% year-over-year for the third quarter to 3.29 billion, which was lower than analyst expectations’ of 3.31 billion.
Net income grew 35% year over year to $15.7 billion from $11.6 billion a year earlier.
The company said that guidance for its fiscal 2024 total expense will be in the range of $96 billion to $98 billion, which is lower than previous guidance of $96 to $99 billion.
Meta said that capex guidance for the 2024 fiscal year will be between $38 billion to $40 billion, up from $37 billion to $40 billion.
Meta said that it expects capital expenditures to continue to grow significantly in 2025.
Additionally, the company said that it expects a “significant acceleration” on expenses relating to infrastructure next year.
WATCH: Meta’s revenue has room to run despite all their AI spending.
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