Meta Platforms IncFacebook’s parent, beat quarterly revenue estimates on Wednesday as its dominance of the online advertising market helped it attract a steady stream of business from companies in recession looking to reach a broader audience.
The income of the third quarter they fell for the second time in a row, to $27.71 billion, from $29.01 billion.
Analysts on average expected revenue of $27.38 billion, according to Refinitiv data.
Meta Platforms Inc forecasts fourth-quarter revenue of between $30 billion and $32.5 billion, versus estimates of $32.2 billion, according to Refinitiv data.
The net profit of Meta Platforms Inc it fell to $4.4 billion, or $1.64 a share, from $9.19 billion, or $3.22 a share, a year earlier.
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