Meta Platforms reported a robust financial performance for the first quarter of 2024, with total revenue reaching $36.46 billion, marking a 27% increase from the first quarter of 2023. This growth was primarily driven by a surge in advertising revenue. Ad impressions and average price per ad also saw year-over-year increases of 20% and 6%, respectively. Net income for the quarter stood at $12.37 billion, with diluted earnings per share (EPS) at $4.71. The company's capital expenditures were $6.72 billion, and it held $58.12 billion in cash, cash equivalents, and marketable securities as of March 31, 2024. The effective tax rate was 13%, and the company's headcount decreased by 10% year-over-year. In terms of business development, Meta Platforms continues to generate the majority of its revenue from advertising...Show More

Meta Platforms reported a robust financial performance for the first quarter of 2024, with total revenue reaching $36.46 billion, marking a 27% increase from the first quarter of 2023. This growth was primarily driven by a surge in advertising revenue. Ad impressions and average price per ad also saw year-over-year increases of 20% and 6%, respectively. Net income for the quarter stood at $12.37 billion, with diluted earnings per share (EPS) at $4.71. The company's capital expenditures were $6.72 billion, and it held $58.12 billion in cash, cash equivalents, and marketable securities as of March 31, 2024. The effective tax rate was 13%, and the company's headcount decreased by 10% year-over-year. In terms of business development, Meta Platforms continues to generate the majority of its revenue from advertising on Facebook and Instagram. However, the company faces challenges due to regulatory changes and platform developments that impact ad targeting and measurement tools. In response, Meta is evolving its advertising systems and investing in privacy-enhancing technologies and AI, including generative AI, to improve ad delivery and targeting. The company is also innovating in advertising formats and business messaging products. Looking ahead, Meta Platforms is focused on long-term initiatives, including significant investments in AI and the development of the metaverse through its Reality Labs segment. Despite expecting RL operating losses to increase in 2024, the company believes these efforts will unlock future monetization opportunities.