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Meta Platforms reports notable increase in income, revenue in Q2
(MENAFN) Meta Platforms, the parent company of Facebook, Instagram, and WhatsApp, reported a notable increase in both income and revenue for the second quarter of this year, according to its financial results statement released on Wednesday. For the three months ending June 30, Meta posted a substantial net income of USD13.46 billion, marking a significant rise of 72.8 percent from nearly USD7.79 billion during the same period in 2023. The company’s revenue also saw a robust increase of 22.1 percent year-on-year, reaching USD39.07 billion compared to approximately USD32 billion in the previous year.
Mark Zuckerberg, Meta's founder and CEO, expressed confidence in the company's performance, noting that Meta AI is on track to become the most utilized AI assistant globally by the end of the year. In his statement, Zuckerberg highlighted the release of Meta’s first frontier-level open source AI model and the positive reception of their Ray-Ban Meta AI glasses. He also emphasized the strong growth being experienced across Meta's suite of applications.
Looking ahead, Meta anticipates its total revenue for the third quarter to fall between USD38.5 billion and USD41 billion. The company has also projected its full-year total expenses for 2024 to range from USD96 billion to USD99 billion. These forward-looking estimates reflect Meta’s ongoing investment in growth and innovation, despite the substantial costs associated with its various ventures.
However, the financial results were not uniformly positive, as Meta's Reality Labs division, formerly known as Oculus VR, reported a net loss of USD4.49 billion for the second quarter. This is a deterioration from the net loss of USD3.74 billion recorded in the same quarter the previous year. Despite this setback, Meta's strong overall performance led to a 5.18 percent increase in its stock price during after-hours trading on the Nasdaq.
Mark Zuckerberg, Meta's founder and CEO, expressed confidence in the company's performance, noting that Meta AI is on track to become the most utilized AI assistant globally by the end of the year. In his statement, Zuckerberg highlighted the release of Meta’s first frontier-level open source AI model and the positive reception of their Ray-Ban Meta AI glasses. He also emphasized the strong growth being experienced across Meta's suite of applications.
Looking ahead, Meta anticipates its total revenue for the third quarter to fall between USD38.5 billion and USD41 billion. The company has also projected its full-year total expenses for 2024 to range from USD96 billion to USD99 billion. These forward-looking estimates reflect Meta’s ongoing investment in growth and innovation, despite the substantial costs associated with its various ventures.
However, the financial results were not uniformly positive, as Meta's Reality Labs division, formerly known as Oculus VR, reported a net loss of USD4.49 billion for the second quarter. This is a deterioration from the net loss of USD3.74 billion recorded in the same quarter the previous year. Despite this setback, Meta's strong overall performance led to a 5.18 percent increase in its stock price during after-hours trading on the Nasdaq.

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