Meta Platforms reported a robust financial performance for the second quarter of 2024, with total revenue reaching $39.07 billion, marking a 22% increase from the same quarter in 2023. This growth was primarily driven by a surge in advertising revenue. On a constant currency basis, revenue would have seen a 23% year-over-year increase. The company's net income stood at $13.47 billion, with diluted earnings per share (EPS) at $5.16. Capital expenditures were significant, totaling $8.47 billion, while share repurchases amounted to $6.32 billion. Meta Platforms ended the quarter with $58.08 billion in cash, cash equivalents, and marketable securities. The company's headcount decreased by 1% year-over-year to 70,799 employees. In terms of user engagement, the Family daily active people (DAP) metric rose to 3.27 billion, a 7% increase from...Show More

Meta Platforms reported a robust financial performance for the second quarter of 2024, with total revenue reaching $39.07 billion, marking a 22% increase from the same quarter in 2023. This growth was primarily driven by a surge in advertising revenue. On a constant currency basis, revenue would have seen a 23% year-over-year increase. The company's net income stood at $13.47 billion, with diluted earnings per share (EPS) at $5.16. Capital expenditures were significant, totaling $8.47 billion, while share repurchases amounted to $6.32 billion. Meta Platforms ended the quarter with $58.08 billion in cash, cash equivalents, and marketable securities. The company's headcount decreased by 1% year-over-year to 70,799 employees. In terms of user engagement, the Family daily active people (DAP) metric rose to 3.27 billion, a 7% increase from the previous year. The average price per ad also grew by 10% year-over-year. Despite these positive results, Meta Platforms noted challenges in advertising revenue due to regulatory changes and platform developments that limit ad targeting and measurement capabilities. The company is investing in AI and other technologies to improve ad performance and is exploring new standards for data processing for advertising. Looking ahead, Meta Platforms anticipates continued investment in AI and infrastructure, expecting capital expenditures to grow significantly in 2025.