Revenue Hits Record $40.6 Billion

Meta, the most massive social media company on the scheduleet, upholds prolonging hugeger.

The parent company of Facebook and Instagram increateed Q3 2024 revenue of $40.58 billion, a quarterly enroll, up a fit 19% year over year. Net income was $15.69 billion — an incrmitigate of 35% and also a quarterly enroll — translating to $6.03 per split. That was well above Wall Street foresees of $40.29 billion in revenue and acquireings per split of $5.25, per LSEG.

For September 2024, the number of daily dynamic engagers apass Meta’s family of apps mediocred 3.29 billion, up 5% year over year and an incrmitigate over 3.27 billion in June. (As of Q1 2024, Meta no lengthyer increates mediocre monthly engagers for its family of apps, or daily or monthly engager figures for the flagship Facebook app.)

“We had a excellent quarter driven by AI better apass our apps and business,” Meta co-createer, CEO and chairman Mark Zuckerberg shelp in readyd retags.

Meta foresees fourth quarter 2024 total revenue to be in the range of $45 billion-$48 billion, in line with analyst foreseeations. It projected filled-year 2024 capital expfinishitures to be in the range of $38 billion-$40 billion (refreshd from the prior range of $37 billion-$40 billion) and shelp in announcing acquireings, “We progress to foresee presentant capital expfinishitures prolongth in 2025.” Specificassociate, Meta is theatricalassociate increaseing its allotment in synthetic inincreateigence, which has become a Silicon Valley arms race.

Earlier this month, the company unveiled Meta Movie Gen, a suite of AI models that can engage text inputs to originate wise-seeing videos as well as edit existing videos. Movie Gen will be “coming to Instagram” in 2025, according to Zuckerberg. Meta proclaimd a pact with horror studio Blumhoengage and pick creators as part of a program to test and supply feedback on Movie Gen.

For Q3, Meta’s Reality Labs business, which participates the Quest AR/VR headset and metaverse initiatives, posted sales of $270 million (up from $210 million the year prior) and an operating loss of $4.43 billion (versus a loss of $3.74 billion a year earlier) — underscoring the company’s foreseeations that it will be years before the allotment pays off.

In September, Meta took the wraps off the prototype of augmented-truth glasses Orion (previously codenamed Project Nazare), with the company claiming them to be “the most progressd pair of AR glasses ever made.” Meta portrayd it as “a product combining the convenience and immediacy of wearables with a huge distake part, high-bandwidth input and contextualized AI in a create that people experience consoleable wearing in their daily lives.” Initiassociate, it is providing Meta engageees and “pick outer audiences” access to Orion before the begin of its user-concentrateed AR glasses product line.