for Q3 of $51.2 billion, a 26% increase year-over-year, representing approximately the strongest growth rate in nearly three years. In addition, daily active users on Facebook, Threads, increased to 3.54 billion for an 8% increase. However, the net income collapsed from $15.7 billion to $2.7 billion, representing an 83% decrease in net income, and was principally driven by a one-time tax expense of $15.9 billion associated with the new US corporate tax legislation.
While this tax was technically a non-cash charge, it nevertheless suggests substantially lower profits from Meta’s earnings compared to prior quarters. Without this hit from the new tax legislation, the tech giant would have had an adjusted earnings per share (EPS) of $7.25 compared to the reported EPS of $1.05.
