) reported better-than-expected third-quarter earnings and revenue on Thursday, driven by strong growth in ad impressions and pricing. Jefferies analyst Brian Thill said the company delivered a revenue beat despite"high expectations."
The social media giant posted adjusted earnings per share of $6.03, surpassing analyst estimates of $5.21. Revenue for the quarter came in at $40.59 billion, up 19% YoY and above the consensus estimate of $40.18 billion. "We had a good quarter driven by AI progress across our apps and business," said Mark Zuckerberg, Meta founder and CEO."We also have strong momentum with Meta AI, Llama adoption, and AI-powered glasses."
The company's family daily active people metric reached 3.29 billion on average for September 2024, representing a 5% increase YoY. Meta also reported strong free cash flow of $15.52 billion for the quarter.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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