Facebook (META) Q3 2022 earnings results beat revenue expectations, miss on EPS

Meta came out ahead of expectations on total revenue, but it fell short on EPS as the company continues to invest deeply in VR and the metaverse.

Image via Meta

As we continue to move through the latest season of fiscal quarterly closes, Meta (formerly known as Facebook) is the latest major company on the block reporting its Q3 2022 finish. The company shared its earnings results today and came out just ahead of expectations on total revenue. Unfortunately, it looks like Meta was not able to overcome either consensus or whisper number expectations on earnings-per-share (EPS).

Meta shared the full report of its Q3 2022 earnings results on its investor relations website on October 26, 2022. In said report, Meta reported a total revenue of $27.7 billion. This was up against expectation of around $27.38 billion, as estimated by Refinitiv. However, the company’s EPS for Q3 2022 only landed at $1.64 per share. This was down against the consensus expectation of $1.89 per share and whisper number expectation of $1.74 per share.

Facebook (META) stock chart as of October 26, 2022 at 4:28 p.m. ET.
Meta's stock was down in after-hours trading following the release of the company's Q3 2022 earnings results.
Source: Google

Meta has poured a massive amount of money into the advancement of virtual reality technology, as well as software and networking endeavors in metaverse applications such as the Meta Quest Pro and Horizon Worlds. That said, there is arguably still a lot of work to be done from software and hardware standpoints before any of it is practical. Oculus founder and former developer Palmer Luckey shared that he believes the current Horizon Worlds is “terrible today,” but it has the potential to be something amazing in the future.

Nonetheless, it looks like Instagram and Facebook are still driving enough business to make Meta the money it needs to keep moving forward with these projects. With Meta’s Q3 2022 in the books, stay tuned for more major tech companies reporting on their fiscal quarter finishes throughout the weeks ahead.

Senior News Editor

TJ Denzer is a player and writer with a passion for games that has dominated a lifetime. He found his way to the Shacknews roster in late 2019 and has worked his way to Senior News Editor since. Between news coverage, he also aides notably in livestream projects like the indie game-focused Indie-licious, the Shacknews Stimulus Games, and the Shacknews Dump. You can reach him at tj.denzer@shacknews.com and also find him on Twitter @JohnnyChugs.

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