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Meta Platforms, Inc. (META) SEC Filing 10-Q Quarterly Report for the period ending Friday, June 30, 2023

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CIK: 1326801 Ticker: META

Meta Reports Second Quarter 2023 Results


MENLO PARK, Calif. – July 26, 2023 – Meta Platforms, Inc. (Nasdaq: META) today reported financial results for the quarter ended June 30, 2023.

"We had a good quarter. We continue to see strong engagement across our apps and we have the most exciting roadmap I've seen in a while with Llama 2, Threads, Reels, new AI products in the pipeline, and the launch of Quest 3 this fall," said Mark Zuckerberg, Meta founder and CEO.

Second Quarter 2023 Financial Highlights
Three Months Ended June 30,
In millions, except percentages and per share amounts20232022% Change
Revenue$31,999 $28,822 11%
Costs and expenses22,607 20,464 10%
Income from operations$9,392 $8,358 12%
Operating margin29 %29 %
Provision for income taxes$1,505 $1,499 —%
Effective tax rate 16 %18 %
Net income$7,788 $6,687 16%
Diluted earnings per share (EPS)$2.98 $2.46 21%

Second Quarter 2023 Operational and Other Financial Highlights

•Family daily active people (DAP) – DAP was 3.07 billion on average for June 2023, an increase of 7% year-over-year.
•Family monthly active people (MAP) – MAP was 3.88 billion as of June 30, 2023, an increase of 6% year-over-year.
•Facebook daily active users (DAUs) – DAUs were 2.06 billion on average for June 2023, an increase of 5% year-over-year.
•Facebook monthly active users (MAUs) – MAUs were 3.03 billion as of June 30, 2023, an increase of 3% year-over-year.
•Ad impressions and price per ad – In the second quarter of 2023, ad impressions delivered across our Family of Apps increased by 34% year-over-year and the average price per ad decreased by 16% year-over-year.
•Revenue – Revenue was $32.0 billion, an increase of 11% year-over-year, and an increase of 12% year-over-year on a constant currency basis.
•Costs and expenses – Total costs and expenses were $22.61 billion, an increase of 10% year-over-year. This includes accrued legal expenses of $1.87 billion and restructuring charges of $780 million in the second quarter of 2023.
•Capital expenditures – Capital expenditures, including principal payments on finance leases, were $6.35 billion for the second quarter of 2023.
•Share repurchases – We repurchased $793 million of our Class A common stock in the second quarter of 2023. As of June 30, 2023, we had $40.91 billion available and authorized for repurchases.
•Cash, cash equivalents, and marketable securities – Cash, cash equivalents, and marketable securities were $53.45 billion as of June 30, 2023. Free cash flow was $10.96 billion in the second quarter of 2023.
•Long-term debt – Long-term debt was $18.38 billion as of June 30, 2023.
•Headcount – Headcount was 71,469 as of June 30, 2023, a decrease of 14% year-over-year. Approximately half of the employees impacted by the 2023 layoffs are included in our reported headcount as of June 30, 2023.
1

The following information was filed by Meta Platforms, Inc (META) on Wednesday, July 26, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Meta Platforms, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:

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Inside Meta Platforms, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Income
Condensed Consolidated Statements Of Stockholders' Equity
Acquisitions, Goodwill, And Intangible Assets
Acquisitions, Goodwill, And Intangible Assets (Tables)
Acquisitions, Goodwill, And Intangible Assets - Change In Carrying Amount Of Goodwill (Details)
Acquisitions, Goodwill, And Intangible Assets - Estimated Amortization Expense (Details)
Acquisitions, Goodwill, And Intangible Assets - Intangible Assets (Detail)
Acquisitions, Goodwill, And Intangible Assets - Narrative (Details)
Commitment And Contingencies (Tables)
Commitments And Contingencies
Commitments And Contingencies - Contractual Commitments (Details)
Commitments And Contingencies - Narrative (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Basic And Diluted Eps (Details)
Earnings Per Share - Narrative (Details)
Financial Instruments
Financial Instruments (Tables)
Financial Instruments - Available-For-Sale Marketable Securities (Details)
Financial Instruments - Contractual Maturities Of Marketable Debt Securities (Details)
Financial Instruments - Narrative (Details)
Financial Instruments - Schedule Of Assets Measured At Fair Value On A Recurring Basis (Details)
Income Taxes
Income Taxes (Details)
Insider Trading Arrangements
Leases
Leases (Tables)
Leases - Components Of Lease Cost (Details)
Leases - Lease, Balance Sheet Information (Details)
Leases - Maturities Of Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Supplemental Cash Flow (Details)
Liabilities
Liabilities (Tables)
Liabilities - Schedule Of Accrued Expenses And Other Current Liabilities (Details)
Liabilities - Schedule Of Other Liabilities (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Narrative (Details)
Long-Term Debt - Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments (Details)
Long-Term Debt - Schedule Of Maturities Of Long-Term Debt (Details)
Non-Marketable Equity Securities
Non-Marketable Equity Securities (Details)
Non-Marketable Equity Securities (Tables)
Pay Vs Performance Disclosure
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Narrative (Details)
Property And Equipment - Summary (Details)
Restructuring
Restructuring (Tables)
Restructuring - Changes In The Liabilities Related To Workforce Reduction (Details)
Restructuring - Narrative (Details)
Restructuring - Restructuring And Related Costs (Details)
Revenue
Revenue (Tables)
Revenue - Disaggregation Of Revenue (Details)
Revenue - Narrative (Details)
Segment And Geographical Information
Segment And Geographical Information (Tables)
Segment And Geographical Information - Narrative (Details)
Segment And Geographical Information - Property And Equipment, Net (Details)
Segment And Geographical Information - Segment Information Of Revenue And Income (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Award Disclosures (Details)
Stockholders' Equity - Restricted Stock Units (Details)
Stockholders' Equity - Share Repurchase Program (Details)
Stockholders' Equity - Share-Based Compensation Plans (Detail)
Stockholders' Equity - Summary Of Share-Based Compensation Expense (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)

Material Contracts, Statements, Certifications & more

Meta Platforms, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: META
CIK: 1326801
Form Type: 10-Q Quarterly Report
Accession Number: 0001326801-23-000093
Submitted to the SEC: Wed Jul 26 2023 8:11:08 PM EST
Accepted by the SEC: Thu Jul 27 2023
Period: Friday, June 30, 2023
Industry: Computer Programming Data Processing

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