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Meta’s Q3 Earnings: Revenue Surge Offset by Tax Hit and Metaverse Losses
Meta’s Q3 Earnings: Revenue Surge Offset by Tax Hit and Metaverse Losses
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Meta reported a 26% year-over-year revenue increase to $51.24 billion in Q3, with operating income rising 18% to $20.53 billion. However, net income plummeted 83% to $2.71 billion due to a $15.93 billion non-cash tax charge tied to new U.S. corporate tax laws. Excluding this charge, the effective tax rate WOULD have been 14%, with net income reaching $18.64 billion and diluted EPS at $7.25.
Reality Labs, Meta's metaverse division, posted a $4.4 billion operating loss on $470 million in sales. The unit has now accumulated over $70 billion in losses since late 2020, attributed to high costs of developing VR and AR hardware. Analysts had anticipated a steeper loss of $5.1 billion, suggesting some operational efficiency.
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