Like Snap a day earlier, Meta warned of ‘softer ad spend’ following outbreak of Israel-Hamas conflict
Shares of Meta Platforms Inc. were giving back their gains in Wednesday’s extended session after the Facebook parent company easily topped earnings expectations but spooked Wall Street with its talk of the future.
Additionally, Li declined to offer revenue guidance for fiscal year 2024, and when pressed by an analyst to offer top-line “puts and takes” for next year, she referred back to her prior commentary on the “volatile macro environment” that Meta has already seen in the fourth quarter of this year. A rebound in advertising, the monetization of Instagram and Reels, and AI-fueled ad targeting and measurement contributed to the quarter’s performance. Meta’s upbeat results come on the heels of a similarly strong quarter from Google parent Alphabet Inc. GOOGL, -9.51% GOOG, -9.60%, which reported earnings a day earlier.“We’re a leaner organization, shipping faster and advancing the state of the art in all of our long-term initiatives,” Chief Executive Mark Zuckerberg said on the earnings call.
The company also cut its full-year outlook for total expenses and now expects $87 billion to $89 billion. The prior forecast was for $88 billion to $91 billion. Meta now expects 2023 capital expenditures of $27 billion to $29 billion, whereas its earlier outlook was for $27 billion to $30 billion.“We expect Reality Labs operating losses to increase year-over-year in 2023,” the company said in its release.
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