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Earnings: $2.98 per share vs. $2.91 expected by Refinitiv. Revenue: $32 billion vs. $31.12 billion expected by Refinitiv.
CUPERTINO, CALIFORNIA Apple today announced financial results for its fiscal 2023 third quarter ended July 1, 2023. The Company posted quarterly revenue of $81.8 billion, down 1 percent year over year, and quarterly earnings per diluted share of $1.26, up 5 percent year over year.
Facebook-parent Meta reported better-than-expected earnings for the first quarter (Q1) of 2023 as revenue rose 3% to $28.65 billion from $27.9 billion in the year-ago period. The revenue figures beat Street expectations of $27.65 billion, said Refinitiv, a market intelligence platform.
Meta said its revenue for the second quarter jumped 11 percent from a year earlier, to $32 billion. Profits rose 16 percent, to $7.8 billion, fueled in part by improvements made to Metas advertising technology using artificial intelligence, as well as other product tweaks.
CFO Outlook Commentary We expect third quarter 2023 total revenue to be in the range of $32-34.5 billion. Our guidance assumes a foreign currency tailwind of approximately 3% to year-over-year total revenue growth in the third quarter, based on current exchange rates.
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Metas revenue growth will be driven primarily by the increasing allocation of dollars toward mobile, video, and social network ads. We expect solid 14% growth in 2023 ad revenue, followed by 9.4% growth in 2024, assuming an economic rebound and improvement in Reels monetization.
CFO Outlook Commentary We expect third quarter 2023 total revenue to be in the range of $32-34.5 billion. Our guidance assumes a foreign currency tailwind of approximately 3% to year-over-year total revenue growth in the third quarter, based on current exchange rates.
Metas stock took a beating all of last year, but in 2023, its back with a vengeance. The value of the Mark Zuckerberg-led companys stock price has nearly tripled in value since the start of the year.

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