Meta again exceeded Wall Street’s expectations on Wednesday when it reported earnings for the quarter ended in September, in another sign that the company’s “year of efficiency” turnaround strategy continues to deliver. The strong results come as Meta says it has “substantially completed” the layoffs portion of its cost cutting plan following a brutal 2022.
The Facebook parent company posted year-over-year quarterly revenue gains of 23% to more than $34 billion, exceeding the $33.5 billion analysts had projected. Meta also more than doubled profits compared to the year-ago quarter, reporting net income of nearly $11.6 billion.
Meta (META) shares jumped as much as 4% in after-hours trading Wednesday following the report. Meta stock was already up 140% year-to-date as of Wednesday’s close.
“All in all, it was a blowout quarter with Meta reporting its most profitable quarter in years,” Investing.com senior analyst Jesse Cohen said in a statement following the report.
This is a developing story. It will be updated.
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