Summary by Moomoo AI
Meta Platforms, known for its social media and technology services, reported a robust financial performance for the third quarter of 2024. The company's total revenue reached $40.59 billion, marking a 19% increase from the third quarter of 2023. This growth was primarily driven by a 19% rise in advertising revenue. On a constant currency basis, revenue would have seen a 20% year-over-year increase. The Family of Apps (FoA) segment, which includes Facebook, Instagram, Messenger, and WhatsApp, contributed significantly to the revenue, with a 19% increase to $40.319 billion. Reality Labs (RL), focused on virtual and augmented reality, also saw a 29% increase in revenue. Operating income for FoA improved by 25%, while RL experienced an 18% increase in operating losses. Net income for the quarter was reported at...Show More
