Meta Platforms Inc Reports Third Quarter 2024 Financial Results

Meta Platforms, Inc. Reports Third Quarter 2024 Financial Results

Meta Platforms, Inc. (Nasdaq: META) today announced its financial results for the quarter ended September 30, 2024.

Key Financial Metrics

Meta reported a significant 19% increase in revenue year-over-year, reaching $40.59 billion, slightly surpassing the Wall Street consensus estimate of $40.29 billion. The performance demonstrated robust growth compared to the previous quarter. Earnings per share specifics were not provided in the release.

Operational Highlights

• Family daily active people (DAP) averaged 3.29 billion for September 2024, marking a 5% increase year-over-year.
• Ad impressions across Meta's Family of Apps saw a 7% year-over-year rise.
• The average price per ad grew by 11% on a year-over-year basis.

Comments from Meta's Officers

CEO Mark Zuckerberg expressed gratification over the company's AI progress and the adoption of products like Meta AI and Llama. He acknowledged the growing momentum in their AI-powered eyewear sector.

Capital Return Programs

• Meta repurchased $8.86 billion of Class A common stock.
• The company paid $1.26 billion in total dividends and equivalent payments.

Forward Guidance

Meta anticipates Q4 2024 revenue to range between $45 billion and $48 billion. The CFO detailed expectations for 2024's full-year expenses to be between $96 and $98 billion, highlighting increased investments in Reality Labs which could lead to higher operating losses year-over-year.

Stock Price Movement

Following the earnings announcement, Meta's share price experienced a decrease of approximately 3.87%.

Note: The reported tables and data rely on the content provided within the earnings release and public consensus estimates, coupled with professional financial interpretation.

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