Meta Platforms, Inc. ( (META) ) has realeased its Q3 earnings. Here is a breakdown of the information Meta Platforms, Inc. presented to its investors.
Meta Platforms, Inc. is a technology company that develops applications and services enabling people to connect and engage in immersive experiences, with a focus on augmented and virtual reality, operating in the social technology sector. Meta’s third quarter results for 2024 reflect significant growth driven by advancements in AI and increased engagement across its platforms. The company reported a 19% increase in revenue year-over-year, reaching $40.59 billion, alongside a substantial rise in net income by 35% to $15.69 billion. A boost in advertising revenue and strategic investments in AI and infrastructure were key contributors to this performance. Meta’s operational highlights include a rise in daily active users to 3.29 billion and an 11% increase in the average price per ad, indicating robust engagement and monetization. The company also executed significant share repurchases valued at $8.86 billion and reported a healthy cash reserve of $70.9 billion. Looking forward, Meta anticipates fourth quarter revenue between $45-48 billion and foresees increased capital expenditures, particularly in Reality Labs, reflecting its commitment to expanding its technological ecosystem despite potential regulatory challenges.
