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2024-10-31 16:58:39
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Meta Third Quarter Financial Report: Core Business Grows Strongly But Metaverse Division Loses $4.4 Billion
Meta (formerly Facebook) recently released its third quarter financial report for 2023. While the core business performed well, the hefty losses in the Metaverse division raised concerns among investors, causing the company's stock to drop over 3% in after-hours trading. This report highlights Meta's complex growth dilemma. Data shows that, as of September 30, Meta's third quarter revenue reached $40.6 billion, a 19% increase year-over-year, exceeding market expectations of $40.3 billion. However, the Metaverse business, Reality Labs, reported significant losses.