Meta Q1 2024 Earnings Report
Key Takeaways
Meta reported a strong first quarter in 2024, with revenue increasing by 27% year-over-year to $36.46 billion. Net income saw a significant rise of 117% to $12.37 billion, and diluted EPS reached $4.71. The company is experiencing healthy growth across its apps and continues to invest in AI and metaverse technologies.
Family daily active people (DAP) reached 3.24 billion in March 2024, a 7% increase year-over-year.
Ad impressions across the Family of Apps increased by 20% year-over-year.
Average price per ad increased by 6% year-over-year.
Total revenue increased by 27% year-over-year to $36.46 billion.
Meta
Meta
Meta Revenue by Segment
Forward Guidance
Meta expects second quarter 2024 total revenue to be in the range of $36.5-39 billion. Full-year 2024 total expenses are expected to be in the range of $96-99 billion, and capital expenditures are anticipated to be in the range of $35-40 billion. Operating losses for Reality Labs are expected to increase meaningfully year-over-year.
Positive Outlook
- Second quarter 2024 total revenue is expected to be in the range of $36.5-39 billion.
- Strong momentum within our Family of Apps.
- Making important progress on our longer-term AI initiatives.
- Making important progress on Reality Labs initiatives.
- Q1 was a good start to the year.
Challenges Ahead
- Foreign currency is a 1% headwind to year-over-year total revenue growth.
- Full-year 2024 total expenses are expected to be in the range of $96-99 billion, updated from our prior outlook of $94-99 billion due to higher infrastructure and legal costs.
- Operating losses for Reality Labs are expected to increase meaningfully year-over-year.
- Full-year 2024 capital expenditures will be in the range of $35-40 billion, increased from our prior range of $30-37 billion.
- Increasing legal and regulatory headwinds in the EU and the U.S. that could significantly impact our business and our financial results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income