Meta Platforms, Inc. Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Performance

  • Total Q3 2021 revenue was $29 billion, up 35% year-over-year (compared to Q3 2020).
  • Ad revenue reached $28.3 billion, up 33% year-over-year.
  • Monthly Active Users (MAUs) grew to 2.91 billion (+6% YoY), while Daily Active Users (DAUs) rose to 1.93 billion (+6% YoY).
  • Family of Apps monthly users reached approximately 3.6 billion, up from 3.3 billion in the comparable period last year.
  • Operating income was $10.4 billion (36% margin); net income was $9.2 billion.
  • Quest 2 sales helped drive a 195% increase in non-ad revenue.

Key Themes and Business Drivers

iOS 14 / ATT Headwinds

  • Apple’s privacy changes were the **largest factor** impacting Q3 results, creating significant measurement and targeting challenges.
  • Facebook estimates it is **under-reporting iOS conversions**, especially for small businesses.
  • Facebook expects to fix roughly **half of the under-reporting by year-end** and continue improving measurement into 2022.
  • Targeting challenges will require **multi-year investments** in privacy-enhancing technologies and new advertising architectures.

E-Commerce Trends and Macroeconomic Conditions

  • E-commerce growth has moderated from 2020’s pandemic peak, contributing to slower ad demand.

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Operator: Good afternoon. My name is France, and I will be your conference operator today. At this time, I would like to welcome everyone to the Facebook Third Quarter 2021 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a question-and-answer session. keypad. This call will be recorded. Thank you very much. Ms. Deborah Crawford Facebook Vice President of Investor Relations. You may begin. Deborah Crawford: Thank you. Good afternoon and welcome to Facebook's Third Quarter Earnings conference call. Joining me today to discuss our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and Dave Wehner, CFO. Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Our actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today's press release. And in our quarterly report on Form 10-Q, filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events. During this call, we may present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The press release and an

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