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Meta beats expectations for Q3 2023, despite future challenges

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2 years ago

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Meta Platforms, the parent company of Facebook and Instagram, has surpassed expectations for its third-quarter revenue

Advertisers looking to capitalise on resilient consumer spending have flocked to Meta’s digital platforms, driving robust financial results.

The company also made adjustments to its expense forecast for the year, but it cautiously warned of forthcoming spending increases and regulatory pressures in 2024. For 2023, Meta now anticipates total expenses ranging between $87 billion and $89 billion, a slight reduction from its earlier projection of $88 billion to $91 billion.

Looking ahead to 2024, the social media giant predicts total expenses in the range of $94 billion to $99 billion, which is higher than initial estimates, as per data from the London Stock Exchange Group (LSEG). However, Meta refrained from providing additional details about 2024 expenditures, citing factors like increased infrastructure investments, hiring plans, and expected losses in its metaverse-focused Reality Labs unit, much like the previous quarter.

“The anticipated global surge in digital ad spending, poised to hit $667.6 billion next year, combined with Meta’s effective execution and cost control, puts the company on strong footing,” noted Jeremy Goldman, principal analyst at Insider Intelligence.

In response to this positive news, Meta’s shares surged by 4% in extended trading, reflecting renewed investor confidence in the company. After a challenging 2022, Meta has experienced a resurgence, driven by growing interest in emerging artificial intelligence technology, a revival in digital advertising, and an aggressive cost-cutting strategy that saw approximately 21,000 employees let go since the previous autumn.

The company’s shares have rallied significantly, with a nearly 150% increase in value so far this year.

In terms of financial performance, Meta reported a 23% increase in revenue, reaching $34.15 billion for the third quarter ending in September. Analysts had expected revenue to reach $33.56 billion, based on LSEG data. The company also exceeded profit expectations.

Key metrics, such as Meta’s daily active people (DAP), experienced a 7% growth. DAP is a metric used to track unique users who engage with any of Meta’s apps, including Facebook, Instagram, Messenger, or WhatsApp within a single day. This growth follows a 7% increase reported in the preceding June quarter.

Specifically for Facebook, daily active users saw a 5% uptick, while ad impressions across Meta’s suite of apps expanded by an impressive 31%.

Meta’s strong performance in Q3 2023 showcases its ability to attract advertisers and maintain user engagement, setting a positive tone for the upcoming holiday season. Nevertheless, the company remains cautious about the challenges it may face in the year ahead.

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Aussie job market defies expectations with stable 4.1% unemployment rate

Australia’s unemployment held at 4.1% in May amid job loss; full-time roles surged, underemployment fell, and female participation rose to 60.9%, keeping RBA cautious despite rate cut speculation.

Published

3 days ago

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June 20, 2025

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Australia’s unemployment held at 4.1% in May amid job loss; full-time roles surged, underemployment fell, and female participation rose to 60.9%, keeping RBA cautious despite rate cut speculation.


Australia’s unemployment rate held firm at 4.1% in May, despite a small drop of 2,500 jobs—falling short of forecasts.

But dig deeper: full-time jobs jumped by nearly 39,000, underemployment hit post-COVID lows, and female participation reached a record 60.9%.

With labour market resilience still strong, the Reserve Bank is unlikely to be swayed—though markets see an 80% chance of a July rate cut.

The RBA remains in a balancing act, cooling inflation, without choking growth.

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#RBA #JobsData #AustraliaEconomy #Unemployment #InterestRates #LabourMarket #tickernews

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Central banks struggle with economic uncertainty and rates

Central banks face challenges amid economic uncertainty, impacting policy decisions and investor confidence worldwide.

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3 days ago

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June 20, 2025

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Central banks face challenges amid economic uncertainty, impacting policy decisions and investor confidence worldwide.

In Short:
Central banks are grappling with economic uncertainty, prompting various interest rate cuts globally to stimulate growth. Many central banks, including those in Norway, Sweden, and Japan, are adjusting rates in response to inflation and trade concerns, while others like the Federal Reserve and the Bank of England are considering future cuts.

Central banks are facing significant uncertainty concerning economic growth and inflation, making their policy decisions increasingly challenging as they approach the end of their rate-cutting cycles.

This uncertainty is also impacting investors. Recently, Norway’s central bank surprised markets with an interest rate cut, while the U.S. Federal Reserve cautioned against relying heavily on its policy projections.

The Swiss National Bank responded to decreasing inflation and economic unpredictability by reducing its benchmark rate to 0% but may consider further cuts. The Bank of Canada has maintained its rate at 2.75%, suggesting a potential future cut in light of tariffs affecting the economy.

Sweden’s central bank cut its key rate as well, aiming to stimulate growth amid weak price pressures.

In New Zealand, expectations are for rates to remain steady after a recent reduction to protect its economy from global trade uncertainties. The European Central Bank has also cut rates, considering further adjustments to meet inflation goals.

The Federal Reserve is keeping rates steady, although further cuts are anticipated due to low inflation. In Britain, the Bank of England held rates but may continue cuts in response to weak labour indicators.

The Reserve Bank of Australia is prepared for rate cuts due to weak growth data and trade tensions, while Norway’s central bank has been cautious with its recent decision. The Bank of Japan remains the only bank in a tightening phase, balancing escalating tensions and tariff concerns with its monetary policies.

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Fed signals slower cuts amid rising risks

U.S. Federal Reserve revises economic forecasts downward, expecting growth slowdown and higher unemployment, but still plans rate cuts in 2024 and 2025.

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4 days ago

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June 19, 2025

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U.S. Federal Reserve revises economic forecasts downward, expecting growth slowdown and higher unemployment, but still plans rate cuts in 2024 and 2025.


At its latest meeting, the U.S. Federal Reserve revised its economic forecasts downward, with growth trimmed, inflation nudged up, and unemployment expectations now higher.

Despite this gloomier outlook, the Fed still sees two rate cuts in 2025, but just one in 2024 and one in 2026, a major dial-back from earlier projections.

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#FederalReserve #InterestRates #JeromePowell #Inflation #USEconomy #FedMeeting #tickernews

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