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Meta Reports Third Quarter 2022 Results

October 26, 2022

, /PRNewswire/ — Meta Platforms, Inc. (Nasdaq: META) today reported financial results for the quarter ended September 30, 2022.

(PRNewsfoto/Meta)

“Our community continues to grow and I’m pleased with the strong engagement we’re seeing driven by progress on our discovery engine and products like Reels,” said Mark Zuckerberg, Meta founder and CEO.  “While we face near-term challenges on revenue, the fundamentals are there for a return to stronger revenue growth. We’re approaching 2023 with a focus on prioritization and efficiency that will help us navigate the current environment and emerge an even stronger company.”

Third Quarter 2022 Financial Highlights

Three Months Ended September 30,

% Change

In millions, except percentages and per share amounts

2022

2021

Revenue

$                   27,714

$                   29,010

(4) %

Costs and expenses

22,050

18,587

19 %

Income from operations

$                     5,664

$                   10,423

(46) %

Operating margin

20 %

36 %

Provision for income taxes

$                     1,181

$                     1,371

(14) %

Effective tax rate

21 %

13 %

Net income

$                     4,395

$                     9,194

(52) %

Diluted earnings per share (EPS)

$                       1.64

$                       3.22

(49) %

Third Quarter 2022 Operational and Other Financial Highlights

  • Family daily active people (DAP) – DAP was 2.93 billion on average for September 2022, an increase of 4% year-over-year.
  • Family monthly active people (MAP) – MAP was 3.71 billion as of September 30, 2022, an increase of 4% year-over-year.
  • Facebook daily active users (DAUs) – DAUs were 1.98 billion on average for September 2022, an increase of 3% year-over-year.
  • Facebook monthly active users (MAUs) – MAUs were 2.96 billion as of September 30, 2022, an increase of 2% year-over-year.
  • Ad impressions and price per ad – In the third quarter of 2022, ad impressions delivered across our Family of Apps increased by 17% year-over-year and the average price per ad decreased by 18% year-over-year. 
  • Revenue – Revenue was $27.71 billion, a decrease of 4% year-over-year, and an increase of 2% year-over-year on a constant currency basis. Had foreign exchange rates remained constant with the third quarter of 2021, revenue would have been $1.79 billion higher.
  • Costs and expenses – Total costs and expenses were $22.05 billion, an increase of 19% year-over-year. This includes an impairment loss of $413 million for certain operating leases as part of our ongoing work to align our office facilities footprint with our anticipated operating needs. 

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