Associated with
Seema Shah
2 min read
Social Media Scoop: Meta Platforms and Snap Q3 2023 Earnings Recap
Both Meta and Snap exceeded street estimates in their 3Q23 EPS and revenue, benefiting from a rebound in advertising demand. Both Meta and Snap's reported user metrics (DAUs and MAUs) moved inline with Sensor Tower data. Reels drove engagement for Meta, with Instagram's total hours engaged growing nearly 2x compared to its peers. Short-form video ad volume in the US has surpassed legacy features like Stories and Player, but it still falls short of Feed volume.
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