Meta Exceeds Q2 Revenue Expectations

SAN FRANCISCO, Aug 1 (Bernama-Xinhua) -- Meta Platforms, Inc, the parent company of Facebook and Instagram, announced better-than-expected revenue and earnings for the second quarter on Wednesday, reported Xinhua.

In the second quarter, the California-based company had a total revenue of US$39.07 billion, a 22 per cent increase year on year.

Meta's quarterly net income jumped to US$13.47 billion, up 73 per cent from US$7.79 billion year on year. The diluted earnings per share for the quarter increased to US$5.16 from US$2.98 in the same period of 2023, said Meta.

The number of daily active users for Meta's family of apps increased 7 per cent year on year to 3.27 billion on average for June 2024. The company's headcount was 70,799 as of June 30, a decrease of 1 per cent from a year earlier.

"We had a strong quarter, and Meta AI is on track to be the most used AI assistant in the world by the end of the year," said Mark Zuckerberg, Meta founder and CEO. "We've released the first frontier-level open source AI model, we continue to see good traction with our Ray-Ban Meta AI glasses, and we're driving good growth across our apps."

The company expected the third quarter total revenue to be in the range of US$38.5 billion to US$41 billion, and the full-year 2024 capital expenditures to be in the range of US$37 billion to US$40 billion.

In addition, Meta said it continues to monitor an active regulatory landscape, including the increasing legal and regulatory headwinds in the European Union and the United States that could significantly impact its business and financial results. 

-- BERNAMA-XINHUA