Meta Platforms Inc (NASDAQ:FB) stock was down 3% in premarket, to $290.26, despite the social media company more than doubling quarterly profits.
The Facebook and Instagram parent last night posted revenue of over $34 billion, up 23% year-over-year and above the $33.5 billion expected by analysts. Net income was $11.6 billion, more than double what it reported a year earlier.
Expensive bets on future tech trends continue to be a point of scrutiny for investors, meanwhile, as Meta Labs unit lost $3.7 billion in the quarter – taking its year-to-date loss tally to over $21 billion.
Adjusted earnings were $4.39 per share, more than double $1.64 per share a year prior and well above expectations of $3.42.
The report comes three quarters into Meta’s self-proclaimed “Year of Efficiency,” which saw significant layoffs earlier in 2023.
"We had a good quarter for our community and business," CEO Mark Zuckerberg said in a statement. "I'm proud of the work our teams have done to advance AI and mixed reality with the launch of Quest 3, Ray-Ban Meta smart glasses, and our AI studio."
Looking ahead, Meta expects fourth-quarter revenue between $36.5 billion and $40 billion.