Meta’s Q3 revenue tops estimates

META Platforms said Wednesday its third-quarter profit jumped more than threefold, as the social media giant’s revenue climbed sharply.

The parent company of Facebook and Instagram reported net income of US$9.86 billion, or US$3.83 per share, for the July-September period. That’s up from a profit of US$2.71 billion, or US$1.05 per share, in the same period a year earlier.

Revenue grew 26 per cent to US$64.60 billion, up from US$51.24 billion in the prior-year quarter and above the US$63.34 billion expected by Wall Street.

In August, Meta reached an US$18 billion settlement with 48 U.S. states over the effects of social media on teen mental health. The company agreed to take steps to keep children under 13 off Instagram and Facebook and teens ages 14 and 18 in age-appropriate accounts.

Excluding the impact of a US$9.89 billion charge related to this agreement, the company’s third-quarter earnings would have been US$7.40 per share, Meta said. The year-ago quarter included a one-time tax charge of nearly US$16 billion.

— The Associated Press