FILE PHOTO: The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File PhotoNEW YORK: Meta Platforms beat expectations for third-quarter profit and revenue on Wednesday , helped by an austerity drive and a recovery in digital advertising ahead of the holiday season.
CEO Mark Zuckerberg, who promised in February that 2023 would be Meta's"year of efficiency", told analysts on a conference call on Wednesday that he was pleased with the company's progress on that front. Following rising investments into artificial intelligence by rivals Alphabet and Microsoft, Meta is now funneling money into the technology as well.
It cut total 2023 expenses to between US$87 billion and US$89 billion, from a previous range of US$88 billion to US$91 billion. In the third quarter ended Sep 30, Meta's ads viewed increased by 31 per cent from a year earlier. The average price per ad decreased by 6 per cent, but the pace of fall was the slowest in seven quarters.