Meta Platforms Inc (NASDAQ:META, ETR:FB2A, SWX:FB) shares slipped as the Facebook and Instagram parent company guided weaker-than-expected revenue for the fourth quarter.
For the December quarter, Meta expects revenue in the range of $45 billion to $48 billion, at the lower end missing Street estimates of $46.18 billion.
This overshadowed a strong beat for the third quarter.
Revenue was up 19% year-over-year at $40.59 billion, above estimates of $40.21 billion.
Earnings per share of $6.03 handily beat estimates of $5.19 and marked a 37% increase from the year-ago quarter.
Daily active people across its portfolio of social media platforms were 3.29 billion on average for September 2024, marking a 5% year-over-year increase. This was shy of the 3.32 billion expected by Bank of America analysts.
"We had a good quarter driven by AI progress across our apps and business," Meta CEO Mark Zuckerberg commented. "We also have strong momentum with Meta AI, Llama adoption, and AI-powered glasses."
Shares of Meta traded down 1% at $586 following the release of its earnings report.