Shares of Meta Platforms (NASDAQ:META) jumped in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2023. Earnings per share came in at $2.20, which beat analysts’ consensus estimate of $2.02 per share. Sales increased by 2.7% year-over-year, with revenue hitting $28.65 billion. This beat analysts’ expectations of $27.66 billion.
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Meta delivered some substantial gains this quarter. Its family daily active people measure was up 5% against this time last year, reaching an average of 3.02 billion. Monthly active people, meanwhile, also increased by 5%, hitting 3.81 billion. As for daily active users, those were up 4% against this time last year, hitting 2.04 billion. And monthly active users increased just 2%, but still turning in an impressive 2.99 billion total.
Meta delivered gains in advertising, though it suffered the same ad pullback many others did. Ad impressions were up 26% against this time last year, but the average price of an ad was down 17%. Management offered some projections for next quarter as well. Meta expects second-quarter revenue between $29.5 billion and $32 billion, ahead of the consensus figure of $29.47 billion.
Overall, Wall Street has a consensus price target of $236.50 on Meta Platforms, implying 12.73% upside potential, as indicated by the graphic above.