| Meta Platforms, Inc. (Nasdaq: META) today reported financial results for the quarter ended September 30, 2024. |
| "We had a good quarter driven by AI progress across our apps and business," said Mark Zuckerberg, Meta founder and CEO. "We also have strong momentum with Meta AI, Llama adoption, and AI-powered glasses." |
| Third Quarter 2024 Financial Highlights |
|
Three Months Ended September 30, |
|
% Change |
|
| In millions, except percentages and per-share amounts |
2024 |
|
2023 |
|
|
| Revenue |
$ 40,589 |
|
$ 34,146 |
|
19 % |
| Costs and expenses |
23,239 |
|
20,398 |
|
14 % |
| Income from operations |
$ 17,350 |
|
$ 13,748 |
|
26 % |
| Operating margin |
43 % |
|
40 % |
|
|
| Provision for income taxes |
$ 2,134 |
|
$ 2,437 |
|
(12) % |
| Effective tax rate |
12 % |
|
17 % |
|
|
| Net income |
$ 15,688 |
|
$ 11,583 |
|
35 % |
| Diluted earnings per share (EPS) |
$ 6.03 |
|
$ 4.39 |
|
37 % |
|
| Third Quarter 2024 Operational and Other Financial Highlights |
- Family daily active people (DAP) – DAP was 3.29 billion on average for September 2024, an increase of 5% year-over-year.
|
- Ad impressions – Ad impressions delivered across our Family of Apps increased by 7% year-over-year.
|
- Average price per ad – The average price per ad increased by 11% year-over-year.
|
- Revenue – Total revenue was $40.59 billion, an increase of 19% year-over-year. Revenue on a constant currency basis would have increased 20% year-over-year.
|
- Costs and expenses – Total costs and expenses were $23.24 billion, an increase of 14% year-over-year.
|
- Capital expenditures – Capital expenditures, including principal payments on finance leases, were $9.20 billion.
|
- Capital return program – Share repurchases were $8.86 billion of our Class A common stock and total dividend and dividend equivalent payments were $1.26 billion.
|
- Cash, cash equivalents, and marketable securities – Cash, cash equivalents, and marketable securities were $70.90 billion as of September 30, 2024. Free cash flow was $15.52 billion.
|
- Long-term debt – Long-term debt was $28.82 billion as of September 30, 2024.
|
- Headcount – The headcount was 72,404 as of September 30, 2024, an increase of 9% year-over-year.
|
| CFO Outlook Commentary |
| We expect the fourth quarter of 2024 total revenue to be in the range of $45-48 billion. Our guidance assumes foreign currency is approximately neutral to year-over-year total revenue growth, based on current exchange rates. |
| We expect full-year 2024 total expenses to be in the range of $96-98 billion, updated from our prior range of $96-99 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. |
| We anticipate our full-year 2024 capital expenditures will be in the range of $38-40 billion, updated from our prior range of $37-40 billion. We continue to expect significant capital expenditure growth in 2025. Given this, along with the back-end weighted nature of our 2024 capital expenditures, we expect a significant acceleration in infrastructure expense growth next year as we recognize higher growth in depreciation and operating expenses of our expanded infrastructure fleet. |
| Absent any changes to our tax landscape, we expect our fourth quarter 2024 tax rate to be in the low teens. |
| In addition, we continue to monitor an active regulatory landscape, including the increasing legal and regulatory headwinds in the EU and the U.S. that could significantly impact our business and our financial results. |
| For the full document click the link below: |
| Meta Platforms, Inc |
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