The Meta platform has been responsible for the rise of social media over the last two decades. Using data from Statista, Best Sports Betting Canada can reveal net income figures showing this continued rise in the technology industry.
Meta net income highest ever in 13 years at $11.5 billion
Recently, Meta posted record-breaking revenue numbers in Q3 2023, bringing in a total of $34.15 billion in revenue, representing a 23% increase year-over-year.
Meta’s quarterly net income reached an all-time high in the last 13 years bringing in a total of $11.58 billion. The Q3 financial report is up 164% from $4.4 billion year over year.
According to the company’s guidance and forward looking commentary, Meta expects its Q4 2023 revenue to range between $36.5 to $40 billion.
Meta ranks among top internet companies ranked by revenue
In 2023, Meta remains among the top 10 biggest companies in the world by market capitalization. Currently, the company sits sixth on the list, just ahead of Tesla and below NVIDIA, which is an artificial intelligence company. Meta platform’s market capitalization in 2023 has surpassed $800 billion USD.
As of this writing, Meta is considered the third largest internet company in the world. In terms of workforce, Amazon, Alphabet, and Meta have the biggest employee list.
Investment analyst Nick Raffoul spoke about the company; “Meta’s ability to leverage attention and convert time spent on the platform into dollars in the pockets of advertisers led to a record-breaking performance in Q3.
“With ad impressions on the rise and the cost of advertising continually decreasing, Meta remains one of the few platforms that allows advertisers to reach nearly 4 billion active people with the click of a button.”