Meta Platforms (NASDAQ: META) and Snap Inc (NYSE: SNAP) topped earnings estimates this week. Snap returned to revenue growth and Meta reported record profits and sales on digital ad strength. But, both social media companies warned about the conflict in the Middle East that already softened ads,
Meta’s Year Of Efficiency’ Turnaround Strategy Continues To Deliver
For the quarter ended on September 30th, Meta reported its revenue grew at the fastest rate since 2021, reaching $34.15 billion. What’s also impressive is that net income skyrocketed 164% to $11.58 billion, or $4.39 a share, with both top and bottom-line figures topping Wall Street estimates. Cost cuts also played a part in these results as expenses were lowered 7% YoY to $20.4 billion. Over the past year, Meta trimmed its workforce by a third and flattened its organizational structure as a result.
Although shares initially rose upon the report, gains were erased when Meta’s CFO Susan Li warned about the implications of the war in ...