For example, industry experts studied the effects of Massachusetts’ flavored tobacco sales ban in 2020. They found that sales of menthol cigarettes and flavored e-cigarettes predictably decreased in the state but nearly doubled in New Hampshire, where the products are still legally sold. The wave of missile strikes comes after Russia accused Ukraine on Saturday of carrying out a drone attack against its Black Sea Fleet off the coast of Crimea. Ukraine has not said whether it was responsible for the attack. A wave of Russian missile strikes have hit Ukraine today following what Moscow alleges was a Ukrainian attack on its Black Sea fleet over the weekend. As many as 80% of Kyiv’s residents have been left without water following missile strikes on the city’s energy infrastructure, according to Mayor Vitali Klitschko and the city’s water supplier.
The press release and an accompanying investor presentation are available on our website at investor.fb.com. My name is Martin and I will be your conference operator today. At this time, I would like to welcome everyone to the Meta Third Quarter Earnings Conference Call. Ms. Deborah Crawford, Meta’s Vice President of Investor Relations, you may begin.
However, this was offset by weak advertising demand, which we believe continues to be impacted by the uncertain and volatile macroeconomic landscape. As a result, our Q3 constant currency growth rate was in line with our Q2 rate. In terms of the specific line items, cost of revenue decreased 1% as a reduction in Reality Labs hardware costs was offset by growth in infrastructure and content-related expenses. R&D increased 45% mainly driven by hiring within Family of Apps and Reality Labs segments as well as Reality Labs technology development costs. Lastly, marketing and sales and G&A increased 6% and 15% respectively, mainly driven by headcount-related costs. We now reach more than 3.7 billion people monthly across our Family of Apps.
U.S. Embassy in Kyiv takes shelter after barrage of Russian missile strikes
What kind of base case assumptions for macro are you guys baking in for 2023 with – against that 12% to 15% increase in OpEx and CapEx guide? And can you talk about maybe the fixed versus variable components in the expense guide that could give you the flexibility to address any material macro changes next year? And is the opportunity evolve in, in line with your expectations? The healthcare and travel verticals were the largest positive contributors to growth in Q3. However, this was offset by continued softness in other verticals, including online commerce, gaming, financial services and CPG.
And how much of that is – excuse me, macro-driven versus some of these initiatives that you guys are working on? And then secondly, for Susan, as we think about kind of the operating expense guidance into 2023, I know historically, those numbers have tended to skew a bit conservative. And how much flexibility is there to kind of toggle some of those expenses depending on the health of core? Turning now to the specific CapEx outlook for ’22 and ’23. We expect 2022 capital expenditures, including principal payments on finance leases, to be in the range of $32 billion to $33 billion updated from our prior range of $30 billion to $34 billion.
And it’s contributing to healthy engagement dynamics. And I’d say that, coupled with our recommendation engine, which is also increasing engagement on the platform, are both promising trends on the engagement front. From a monetization perspective, we are still working to close the gap between Reels and Feeds and Stories, but it’s going to take time before Reels becomes a tailwind to revenue. As Mark mentioned, we’re on about a $3 billion run rate today, but Reels was still negative overall to revenue by about $500 million in the quarter. So we expect that it should be a tailwind to the business eventually. And we’re sort of saying that’s probably in the 12 to 18-month timeframe.
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