Meta tops revenue and earnings estimates, misses on user growth
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Meta Q3 2024 revenue rose 19% y/y to $40.6 billion, above analysts estimate of $40.2 billion, EPS came in at $6.03 versus analysts estimate of $5.23 while operating margin of 43% exceeded analysts estimate of 40%.
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Family daily active people (DAP) grew 5% y/y to 3.29 billion, below analysts estimate of $3.32 billion.
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Meta’s capital expenditures during the quarter were $9.20 billion, below analysts estimate of $11 billion.
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Meta is guiding Q4 2024 revenue in the range of $45-48 billion (analysts estimate: $46.3 billion), adjusting its 2024 total expenses to a range of $96-98 billion from $96-99 billion and updating its capex to a range of $38-40 billion from $37-40 billion.
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It reiterated that it continue to expect a significant capital expenditures in 2025 and a significant acceleration in infrastructure expense in 2025.
“We continue to expect significant capital expenditures growth in 2025. Given this, along with the back-end weighted nature of our 2024 capital expenditures, we expect a significant acceleration in infrastructure expense growth next year as we recognize higher growth in depreciation and operating expenses of our expanded infrastructure fleet,” the press release reads.