Meta Platforms Inc (NASDAQ:FB) saw its second-quarter 2023 revenue rise 11% year over year to $32 billion, surpassing the $31.12 billion consensus forecast compiled by Refinitiv, while its earnings for the period of $2.98 per share also exceeded expectations of $2.91.
The results marked the company's most profitable quarter since 2021.
Meta generated advertising revenue for the quarter of $31.5 billion, which also beat the estimates of $30.43 billion.
"We continue to see strong engagement across our apps and we have the most exciting roadmap I've seen in a while with Llama 2, Threads, Reels, new AI products in the pipeline, and the launch of Quest 3 this fall," Meta Platforms CEO Mark Zuckerberg said in a statement.
Facebook’s daily active users, meanwhile, came in at 2.06 billion for the period, slightly above the 2.03 billion estimate.
The social media giant also provided revenue guidance for 3Q of $32 billion to $34.5 billion, higher than the analyst consensus of $31.3 billion.
As well, Meta lowered its full-year 2023 capital expenditures guidance to a range of $27-$30 billion from $30-$33 billion previously.
Shares of Meta Platforms powered as much as 7% higher in after-hours trading on Wednesday.
Contact Sean at sean@proactiveinvestors.com