Meta Platforms Inc (NASDAQ:META) reported financial results for the second quarter after market close on Wednesday. Here's a look at the key metrics from the quarter.
Q2 Earnings: Meta reported second-quarter revenue of $39.07 billion, beating analyst estimates of $38.31 billion. The company reported second-quarter adjusted earnings of $5.16 per share, beating analyst estimates of $4.73 per share.
Meta has now beat analyst estimates on the top and bottom lines in six consecutive quarters, according to Benzinga Pro.
Total revenues were up 22% on a year-over-year basis. Family daily active people were up 7% year-over-year to 3.27 billion. Ad impressions and average price per ad both jumped 10% year-over-year.
Costs and expenses came in at $24.22 billion, up 7% year-over-year. Capital expenditures came in at $8.47 billion. The company ended the quarter with $58.08 billion in cash, cash equivalents and marketable securities.
"We had a strong quarter, and Meta AI is on track to be the most used AI assistant in the world by the end of the year," said Mark Zuckerberg, founder and CEO of Meta.
"We've released the first frontier-level open source AI model, we continue to see good traction with our Ray-Ban Meta AI glasses, and we're driving good growth across our apps."
Outlook: Meta expects third-quarter revenue to be in the range of $38.5 billion to $41 billion versus estimates of $38.31 billion.
Meta still expects full-year 2024 total expenses to be in the range of $96 billion to $99 billion. The company expects full-year 2024 capital expenditures to be in the range of $37 billion to $40 billion, versus its prior guidance range of $35 billion to $40 billion.
"For Reality Labs, we continue to expect 2024 operating losses to increase meaningfully year-over-year due to our ongoing product development efforts and investments to further scale our ecosystem," the company said.
Management will hold a conference call to discuss its quarterly results at 5 p.m. ET.
META Price Action: Meta Platforms shares were up about 33% year-to-date heading into the print. The stock was up 4.98% in after hours, trading at $498.50 at the time of publication Wednesday, according to Benzinga Pro.
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