Meta AI On Track To Be Most Used AI Assistant By End Of 2024: Mark

Family daily active people (DAP) was 3.27 billion on average for June 2024, an increase of 7% year-over-year

Mark Zuckerberg, Meta founder and CEO

FinTech BizNews Service 

Mumbai, August 4, 2024: Meta Platforms, Inc. (Nasdaq: META) recently reported financial results for the quarter ended June 30, 2024.

"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, Meta founder and CEO, while announcing the financial results for the quarter ended June 30, 2024 of Meta Platforms, Inc. (Nasdaq: META) recently. "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."

Second Quarter 2024 Financial Highlights

 Second Quarter 2024 Operational and Other Financial Highlights

• Family daily active people (DAP) – DAP was 3.27 billion on average for June 2024, an increase of 7% year-over-year.
• Ad impressions – Ad impressions delivered across our Family of Apps increased by 10% year-over-year.
• Average price per ad – Average price per ad increased by 10% year-over-year.
• Revenue – Total revenue was $39.07 billion, an increase of 22% year-over-year. Revenue on a constant currency basis would have increased 23% year-over-year.
• Costs and expenses – Total costs and expenses were $24.22 billion, an increase of 7% year-over-year.
• Capital expenditures – Capital expenditures, including principal payments on finance leases, were $8.47 billion.
• Capital return program – Share repurchases were $6.32 billion of our Class A common stock and dividend payments were $1.27 billion.
• Cash, cash equivalents, and marketable securities – Cash, cash equivalents, and marketable securities were $58.08 billion as of June 30, 2024. Free cash flow was $10.90 billion.
• Headcount – Headcount was 70,799 as of June 30, 2024, a decrease of 1% year-over-year.

CFO Outlook Commentary

We expect third quarter 2024 total revenue to be in the range of $38.5-41 billion. Our guidance assumes foreign currency is a 2% headwind 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 $96-99 billion, unchanged from our prior outlook. 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.

While we do not intend to provide any quantitative guidance for 2025 until the fourth quarter call, we expect infrastructure costs will be a significant driver of expense growth next year as we recognize depreciation and operating costs associated with our expanded infrastructure footprint.

We anticipate our full-year 2024 capital expenditures will be in the range of $37-40 billion, updated from our prior range of $35-40 billion. While we continue to refine our plans for next year, we currently expect significant capital expenditures growth in 2025 as we invest to support our artificial intelligence research and product development efforts.

Absent any changes to our tax landscape, we expect our full-year 2024 tax rate to be in the mid-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.