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Mar 31, 2024
Meta Q1 2024 Earnings Report
Meta's Q1 2024 earnings showcased robust growth, driven by strong performance in its Family of Apps and advancements in AI and Reality Labs initiatives.
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
Revenue by Segment
Family of Apps Revenue
CapyFin.comReality Labs Revenue
CapyFin.com 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