Meta Platforms shares are headed higher in late trading Wednesday after the company posted better-than-expected quarterly results.For the quarter ended Sept. 30, the parent of Facebook, Instagram, WhatsApp, and Threads reported revenue of $34.2 billion, up 23% and above the Wall Street consensus forecast at $33.5 billion.
Meta also reported strong usage growth, with “daily active people” up 7% from a year ago, to 3.14 billion. “Monthly active people” reached 3.96 billion, up 7%. On Facebook, daily active users were 2.09 billion, up 5%; while monthly actives were 3.05 billion, up 3%. Meta also reduced its 2023 expense forecast to a range of $87 billion to $89 billion, from a previous range of $88 billion to $91 billion. Capital spending is now forecast to fall between $27 billion and $29 billion, down from a previous estimate of $27 billion to $30 billion.
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