Meta reported a drop in Q3 revenue and profitability along with rapidly rising capital expediture costs as it invests in infrastructure and metaverse development.
Third Quarter 2022 Operational 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 ongoing work to align office facilities footprint with our anticipated operating needs.
- Capital expenditures – Capital expenditures, including principal payments on finance leases, were $9.52 billion for the third quarter of 2022.
- Share repurchases – $6.55 billion of Class A common stock in the third quarter of 2022. As of September 30, 2022, Meta had $17.78 billion available and authorized for repurchases.
- Headcount – Headcount was 87,314 as of September 30, 2022, an increase of 28% year-over-year.
