Meta Shares Plunge 24% on Q3 Miss
<p><a href='https://financialmodelingprep.com/financial-summary/META'>Meta Platforms (NASDAQ:META)</a> shares dropped more than 24% yesterday following the company’s reported Q3 results, with EPS of $1.64 coning in worse than the Street estimate of $1.93. Revenue was $27.71 billion, compared to the Street estimate of $27.57 billion.</p>
<p>Family daily active people (DAP) grew 4% year-over-year to 2.93 billion (average for September 2022). The company expects Q4/22 revenue to be in the range of $30-32.5 billion, compared to the Street estimate of $32.3 billion.</p>
<p>Analysts at Oppenheimer provided their views following the results and lowered their price target to $140 from $190. While Opex/Capex guidance was very disappointing, the analysts believe the company is past peak TikTok pressure, as Q3 Family DAU increased 4%, same as Q2, while Facebook DAU was up 3% year-over-year. Reels at a $3 billion revenue run-rate, are expected to be revenue-accretive in 12–18 months.</p>

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