Meta Beats Third-Quarter Earnings Estimates, Prioritizes AI Investments

Meta’s third-quarter results exceeded expectations with a 23 percent revenue increase, the highest growth rate since 2021.

A pedestrian walks in front of a Meta sign at Facebook headquarters in Menlo Park, Calif., on Oct. 28, 2021. Justin Sullivan/Getty Images

The earnings results published late Wednesday showed Meta Platforms experienced a 23 percent increase in revenue during the third quarter, thanks to its cost -eduction efforts and a resurgence in digital advertising revenues.

Facebook parent company’s revenue for the quarter ended Sept. 30 was $34.146 billion, a 23.21 percent increase from the $27.714 billion in third quarter fiscal year 2022.