Meta Platforms, Inc. (NASDAQ: META), the parent company of social networking behemoth Facebook, Wednesday said its third-quarter profit increased sharply on strong revenue growth. Earnings beat estimates.
Net income rose to $15.69 billion or $6.03 per share in the September quarter from $11.58 billion or $4.39 per share in the corresponding period of 2023. The bottom line exceeded Wall Street’s expectations.
The strong earnings performance reflects a 19% growth in third-quarter revenues to $40.6 billion, aided by continued strong advertising growth.