On July 31, 2024, Meta Platforms, Inc. reported its financial results for the second quarter ended June 30, 2024. The company announced a 22% increase in revenue to $39.07 billion compared to the same period in 2023, and a significant 73% increase in net income to $13.46 billion. Diluted earnings per share also rose by 73% to $5.16. Operational highlights included a 7% year-over-year increase in Family daily active people (DAP) and a 10% increase in both ad impressions and average price per ad. Meta's capital expenditures were $8.47 billion, and the company returned capital to shareholders through $6.32 billion in share repurchases and $1.27 billion in dividend payments. The company's headcount decreased by 1% year-over-year to 70,799. Looking forward, Meta expects third-quarter revenue to be between $38.5-41 billion and maintains its...Show More

On July 31, 2024, Meta Platforms, Inc. reported its financial results for the second quarter ended June 30, 2024. The company announced a 22% increase in revenue to $39.07 billion compared to the same period in 2023, and a significant 73% increase in net income to $13.46 billion. Diluted earnings per share also rose by 73% to $5.16. Operational highlights included a 7% year-over-year increase in Family daily active people (DAP) and a 10% increase in both ad impressions and average price per ad. Meta's capital expenditures were $8.47 billion, and the company returned capital to shareholders through $6.32 billion in share repurchases and $1.27 billion in dividend payments. The company's headcount decreased by 1% year-over-year to 70,799. Looking forward, Meta expects third-quarter revenue to be between $38.5-41 billion and maintains its full-year expense guidance at $96-99 billion. The company anticipates increased operating losses for Reality Labs due to product development and ecosystem scaling investments. Meta's CEO, Mark Zuckerberg, highlighted the strong quarter and the company's progress with AI, including the release of a frontier-level open source AI model and the success of Ray-Ban Meta AI glasses. The company also expects significant capital expenditures growth in 2025 to support AI research and product development.