Meta CEO Mark Zuckerberg makes a keynote speech at the Meta Connect annual event, at the company's headquarters in Menlo Park, California, Sept. 25, 2024.
Meta shares dropped 9% after the company reported third-quarter earnings on Wednesday that beat on sales.
Here's how the company did, compared with estimates from analysts polled by LSEG:
Earnings per share : $7.25 adj. vs. $6.69 estimated
: $7.25 adj. vs. $6.69 estimated Revenue: $51.24 billion vs. $49.41 billion estimated
Meta said that the implementation of President Donald Trump's One Big Beautiful Bill Act resulted in a one-time, non-cash income tax charge of $15.93 billion. The company said it expects the act to result in "a significant reduction" in its U.S. federal cash tax payments for the rest of 2025 and future years.
The social media company's third-quarter sales rose 26% year-over-year, which is its highest revenue growth since the first quarter of 2024.
The company said it expects fourth quarter revenue to be in the range of $56 billon to $59 billion. The midpoint of that range comes in above what was expected by analysts, according to StreetAccount.
Meta raised the low end of its total expenses for the year by $2 billion, saying expenses will come in between $116 billion to $118 billion. That figure was previously $114 billion to $118 billion.
... continue reading