Meta Q3 Report Shows That Company Revenue Increased by 23%

Meta recently announced that Facebook’s daily average users (DAUs) have risen by 5% year-on-year to 2.09 billion in September 2023. Meta made this known in its recent earnings report for Q3 2023.

The report shows that the branches of apps owned by Meta, which include WhatsApp, Messenger, Instagram, Facebook, and Threads, have reached a total daily average user of 3.14 billion as of September 2023, and this signifies a 7% growth year on year.

It also shows that Facebook is the most used app in the Meta family; the app currently has 2.09 billion DAUs, and Facebook accounts for 66.5% of daily users. Meta said it has more than 3.9 billion people who are currently using the apps every month.

Talking about the increase in users, Meta announced that the company generated a total of $34.15 billion in revenue in Q3, which signifies an increase of 23% year-over-year. The company also said that it saw an increase in ad impressions across all its apps in the quarter under review.

In the third quarter of 2023, ad impressions delivered across our Family of Apps increased by 31% year-over-year and the average price per ad decreased by 6% year-over-year, Meta said.

Read the complete Q3 report here

Meta Plans for 2024, Zuckerberg Announced

Speaking on Meta's Wednesday Q3 results, Zuckerberg expressed his satisfaction with Meta’s performance and shared some of the company’s plans for the coming year.  

• As we’re looking ahead and planning for next year, I wanted to share a few thoughts on what I’m expecting. I’ve been happy with our results this year so far, and we’re planning to continue focusing on operating efficiently going forward—both because it creates a more disciplined and lean culture and also because it provides stability to see our long-term initiatives through in a very volatile world.  

• In terms of investment priorities, AI will be our biggest investment area in 2024, both in engineering and computing resources. But I want to avoid allocating a lot of new headcounts, so we’re going to continue deprioritizing a number of non-AI projects across the company to shift people towards working on AI instead.  

• On the recruiting front, one dynamic that I want to flag is that we have a sizable hiring backlog right now since part of our layoffs earlier this year included teams swapping out certain skills to be able to hire others, and we’re still going to be hiring for those roles going into 2024. That means that even though we’re planning to grow headcount at a much slower rate going forward, the actual rate next year may temporarily be faster as we work through this hiring backlog.