New Delhi: Tech behemoth Meta has reported a stellar second quarter, with ad revenue climbing by 22% to a staggering $38.3 billion. The company’s net income also experienced a significant upsurge, jumping 73% to $13.4 billion compared to the same period last year.
Released on Wednesday, July 31, 2024, Meta’s Q2 earnings report showcased robust performance across its platforms. Total revenue for the quarter ended June 30 surged 22% year-over-year to $39 billion. This growth was fueled by a 10% increase in ad impressions and a corresponding 10% rise in the average price per ad.
Meta’s CEO, Mark Zuckerberg, expressed satisfaction with the company’s performance, highlighting the progress of Meta AI. “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,” he said. Zuckerberg also pointed to the successful launch of the open-source AI model and the growing popularity of Ray-Ban Meta AI glasses.
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While the current fiscal year is on track, with total expenses projected to range between $96 and $99 billion, Meta is gearing up for substantial investments in the coming year. CFO Susan Li revealed that infrastructure costs will be a primary driver of expense growth in 2025 as the company expands its infrastructure to support AI research and product development.
Meta anticipates a significant increase in capital expenditures in 2025, with the current estimate ranging between $37 and $40 billion for 2024. This aggressive spending strategy underscores the company’s commitment to staying at the forefront of AI technology.
With this financial performance and strategic investments, Meta is positioning itself for continued growth and innovation in the dynamic tech landscape.
