Meta says it would’ve made over $22 billion if it didn’t have to pay a child safety settlement

Meta said its operating income for the third quarter would have been $22.89 billion without a $9.89 billion payment towards a child safety settlement. The settlement resolves a nationwide US lawsuit alleging that the company designed its social media platforms to be addictive and harmful to children.

Meta agreed in August to pay $17.1 billion, though its payment could fall to $5.3 billion if YouTube and TikTok introduce stricter child safety settings. The company reported $51.61 billion in total costs and expenses and $64.60 billion in revenue, up 26 per cent year on year. A New Mexico court also ordered Meta to pay $25 billion over the Cambridge Analytica scandal.