(AOF) – There were many announcements to mark Facebook’s third quarter: heavy investment in Metaverse, a $50 billion share buyback program, disappointing earnings… During the period, the world’s number one social network saw its net profit rise 17% to $9.19 billion or a share. $3.32 each. The consensus is weaker at $3.12 per share.
Turnover jumped 35% to $29.08 billion, versus the Bloomberg consensus of $29.5 billion. Advertising sales were $28.28 billion, representing a 33% increase, a marked slowdown compared to the previous quarter (+56%).
The group was penalized by Apple’s changes in terms of data protection for its use of ad targeting, and will continue to be so in the fourth quarter.
Facebook therefore released a disappointing revenue forecast for the current quarter. These are expected between $31.5 and $34 billion, while the market is targeting $34.8 billion.
In total, the group had 2.91 billion monthly users at the end of the third quarter, up 6%. That growth has slowed compared to the second quarter, when it was +7%. The number of daily users for its segment stood at 1.93 billion, an increase of 6%. It had grown by 7% in the previous quarter.
Also, the Mark Zuckerberg-founded firm is developing what it calls the Metaverse – “a new phase of interconnected virtual experiences using technologies like virtual reality and augmented reality”. The investments required for this metaverse will reduce the group’s operating profit by about $10 billion this year, and its accounts will be presented in a different department (Facebook Reality Labs) from other social network operations (Facebook, Instagram, Messenger, WhatsApp, etc.). .)
This major investment announcement is accompanied by a new share buyback program. After buying back $14.37 billion in the third quarter, its previous program allowed it to buy back another $7.97 billion. It will be complemented by a new $50 billion program.
In the aftermarket, Facebook shares gained just 2%.
Get our latest news
Every morning, remember the information Financial markets.