Meta has announced a significant increase in revenue as a result of higher advertising on its social media platforms, Facebook and Instagram.
The company reported revenue of $34.2 billion (£28.2 billion) for the quarter ending in September, marking a 23% rise compared to the same period last year.
Analysts had anticipated a figure of $33.6 billion (£27.7 billion).
Cost reductions, including staff cuts following a restructuring program launched last year, also contributed to the increase.
Founder and CEO Mark Zuckerberg described it as a “good quarter” and expressed pride in the work done by employees in developing artificial intelligence products.
The company, which also owns apps such as Messenger, Threads, and WhatsApp, reported that an average of 3.14 billion unique users accessed its products daily in September, a 7% year-on-year increase.
The only app for which specific data was provided in the results was Facebook, which claimed to have 2.09 billion daily users in the same month, a 5% rise.
Advertising revenue for the quarter reached $33.6 million (£27.7 million), compared to $27.2 million (£22.5 million) last year.
Meta stated that its employee headcount in September was slightly over 66,000, representing a nearly 25% decrease year-on-year. Earlier this year, the company announced plans to cut 10,000 jobs globally.
Meta has been working to expand its product range this year, including the launch of the new social media app Threads in July as a competitor to X, formerly Twitter, after its acquisition by Elon Musk.
In a conference call following the release of the results, Mr. Zuckerberg stated that Threads currently has just under 100 million active monthly users.
The results report, published on Wednesday after the US stock markets closed, also warned of potential “legal and regulatory headwinds in the EU and the US.”
It further stated that these factors “could significantly impact our business and financial results” in the future.
Meta has recently faced fines and lawsuits, including a record fine of €1.2 billion (£1.04 billion) from regulators in Ireland for violating data protection laws.
The tech giant is also being sued by numerous US states over allegations that its social media platforms intentionally addict young people and harm their mental health.
Mr. Zuckerberg has previously defended the company against similar accusations, stating that it is “simply not true” that Meta prioritizes profits over safety.
This follows Microsoft and Google’s parent company, Alphabet, both reporting higher-than-expected revenue in their latest quarterly results on Tuesday.