Facebook parent Meta (META) reported its Q3 earnings on Wednesday meeting expectations on revenue and offering lighter than expected guidance for Q4.

Here are the most important numbers from the report compared to what Wall Street was expecting from Facebook's parent company, as compiled by Bloomberg:

• Revenue: $27.7 billion versus $27.4 billion expected

• Earnings Per Share (EPS): $1.64 versus $1.89 expected

• Facebook Daily Active Users (DAUs): 1.98 billion versus 1.86 billion expected

• Facebook Monthly Active Users (MAUs): 2.96 billion versus 2.97 expected

• Reality Labs operating loss: $3.67 billion versus $3.09 billion expected

Shares of the company fell more than 11% following the report.

Meta Q4 revenue guidance came in between $30 billion and $32.5 billion, while the Street was expecting $32.2 billion. The company also announced that it will be pacing Reality Lab investments beyond 2023 but that spending will be significantly higher next year.

A digital advertising slowdown is hitting social media companies like Meta especially hard. Shares of the tech giant are off as much as 60% year-to-date as businesses pull back on ad spending amid rising inflation and interest rates.

It's not just Meta that's taking a beating, though. On Tuesday, Google parent Alphabet (GOOG, GOOGL) reported a substantial miss on YouTube ad revenues. Snap (SNAP) also issued a rough Q3 earnings report saying that revenue growth continues to decline and that average revenue per user fell for the quarter.

Meta also continues to contend with Apple's iOS privacy changes, which prevent the company from tracking users across third-party websites and apps.

All of this comes as Meta works to transform itself from a social media business to a metaverse-first firm. During its Meta Connect event earlier this month, CEO Mark Zuckerberg outlined Meta's future including enterprise partnerships with Microsoft (MSFT) and Accenture (ACN). The tech giant also announced its new Quest Pro headset, though, it starts at $1,500.