Facebook (META) forecasts Q3 2023 revenues above analyst expectations

With the Meta company (formerly Facebook) having reported on its Q2 2023 earnings results, the company saw decent wins on several metrics, including revenue and earnings-per-share. It seems Meta also feels strong about what’s coming next in its fiscal year. For Q3 2023, Meta announced it would be raising its guidance for the quarter’s revenue, and the boost was well above analyst estimates.

Meta released its Q2 2023 earnings results and the adjusted revenue guidance for Q3 2023 on its investor relations website on July 26, 2023. In the press release, Meta shared that it feels confident about the quarter ahead, raising guidance for the quarter, as well as sharing some short rationale for the new guidance.

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.

Facebook (META) stock was up in after-hours trading on the back of the Q2 2023 earnings results and raised Q3 2023 guidance.
Source: Google

Meta’s raised guidance for Q3 2023 was well above what was estimated by Wall Street analysts. Estimates for the company’s Q3 2023 guidance called for a revenue of about $31.3 billion.The low end of this raised guidance comes in about $0.7 billion above that estimate.

The guidance for Meta’s Q3 2023 come out of a number of positive factors for the company coming into the latest quarter. Mark Zuckerberg stressed during the Q2 2023 conference call that the Meta Connect presentation coming in September 2023 should make for a major showing of many of the new products and services the company is currently working on. That will likely include products like the upcoming Meta Quest 3.

With Meta raising its revenue targets for Q3 2023, it will interesting to see if the company’s optimism pays off. Stay tuned to Shacknews as we continue to cover company fiscal quarter reporting as more earnings results drop.