U.S. social media giant Meta Platforms, Inc. on Wednesday reported financial results for the third quarter ending Sept. 30, with a total quarterly revenue of 34.15 billion U.S. dollars, a 23 percent increase year on year.

The company's quarterly net income increased to 11.58 billion dollars, up 164 percent from 4.40 billion dollars year on year. The diluted earnings per share for the quarter increased to 4.39 dollars from 1.64 dollars in the same period of 2022, said Meta based in Menlo Park, California.

Monthly active users increased 3 percent year on year to 3.05 billion as of Sept. 30, while daily active users were 2.09 billion on average for September, an increase of 5 percent.

Its cash, cash equivalents and marketable securities were 61.12 billion dollars as of Sept. 30. Free cash flow was 13.64 billion dollars in the third quarter of 2023, according to the company.

"We had a good quarter for our community and business," said Mark Zuckerberg, Meta founder and CEO. "I'm proud of the work our teams have done to advance AI and mixed reality with the launch of Quest 3, Ray-Ban Meta smart glasses, and our AI studio."

Beginning in 2022, the company initiated several measures to pursue greater efficiency and realign its business and strategic priorities. As of Sept. 30, 2023, it substantially completed planned employee layoffs while continuing to assess facilities consolidation and data center restructuring initiatives, according to Meta.

Meta expects fourth quarter 2023 total revenue to be in the range of 36.5 billion to 40 billion dollars. "Our guidance assumes a foreign currency tailwind of approximately 2 percent to year-over-year total revenue growth in the fourth quarter, based on current exchange rates," the company said.

"We anticipate that our full-year 2023 total expenses will be in the range of 87 billion to 89 billion dollars, lowered from our prior range of 88 billion to 91 billion dollars. We expect Reality Labs operating losses to increase year-over-year in 2023," it added.