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Jun 30, 2024
Meta Q2 2024 Earnings Report
Meta's Q2 2024 earnings showcased strong financial performance and strategic advancements.
Key Takeaways
Meta reported a strong quarter with a 22% increase in revenue year-over-year, reaching $39.07 billion. Net income increased by 73% to $13.465 billion, and diluted EPS also increased by 73% to $5.16. The company continues to invest in AI and Reality Labs while driving growth across its apps.
Revenue increased by 22% year-over-year to $39.07 billion.
Net income increased by 73% year-over-year to $13.465 billion.
Diluted EPS increased by 73% year-over-year to $5.16.
Family daily active people (DAP) reached 3.27 billion on average for June 2024, a 7% increase year-over-year.
Revenue by Segment
Forward Guidance
Meta expects Q3 2024 total revenue to be in the range of $38.5-41 billion. Full-year 2024 total expenses are expected to be in the range of $96-99 billion. Full-year 2024 capital expenditures are expected to be in the range of $37-40 billion. The full-year 2024 tax rate is expected to be in the mid-teens.
Positive Outlook
- Q3 2024 total revenue is expected to be in the range of $38.5-41 billion.
- Full-year 2024 total expenses outlook unchanged from prior outlook.
- Expects Meta AI to be the most used AI assistant in the world by the end of the year.
- Good traction with Ray-Ban Meta AI glasses.
- Driving good growth across apps.
Challenges Ahead
- Foreign currency is expected to be a 2% headwind to year-over-year total revenue growth.
- Reality Labs operating losses are expected to increase meaningfully year-over-year.
- Infrastructure costs will be a significant driver of expense growth next year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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