Meta Beats Q3 Estimates with $33.6B Ad Revenue, But Faces Legal Risks Over Addictive Features for Kids

Meta beat Q3 earnings estimates with $33.64B in ad revenue and $4.39 EPS. Shares rose 4% after hours.

Meta's advertising revenue increased 31% YoY, beating expectations of 29.6% growth.

Meta stock is up over 140% YTD, significantly outperforming the S&P 500 and Nasdaq Internet Index.

Meta faces legal risks from lawsuits by 42 state attorneys general over addictive features targeted at kids.

Meta revised 2023 capex outlook down to $27B-$29B from prior $27B-$30B range. Zuckerberg touts progress on AI and mixed reality initiatives.