Meta Q3 Revenue Beats Estimates But Q4 Outlook Disappoints as Ad Spending Slows

Meta's Q3 revenue beat expectations at $34.1 billion, up 23% year-over-year. Earnings doubled to $4.39 per share.

However, Meta stock fell as Q4 revenue outlook of $36.5 billion - $40 billion missed estimates. CFO cited ad spend pullback related to Israel-Hamas conflict.

Daily active users on Facebook family of apps rose 7% to 3.14 billion. But Reality Labs metaverse division continued losing money.

Meta expects 2024 expenses of $94 billion - $99 billion, less than expected, signaling efficiency efforts. But headcount to increase from hiring backlog.

Wall Street analysts remain largely bullish on Meta stock, though some trimmed Q4 revenue forecasts. Focus now on 2024 growth prospects.