Summary by Futu AI
Meta Platforms reported robust second quarter results with revenue rising 22% year-over-year to $39.1 billion, driven by a 22% increase in advertising revenue to $38.3 billion. Net income surged 73% to $13.5 billion, with diluted earnings per share of $5.16. The company saw both ad impressions and average price per ad increase 10% compared to Q2 2023.The company's Family of Apps segment revenue grew 22% to $38.7 billion with operating income up 47% to $19.3 billion, while Reality Labs revenue increased 28% to $353 million with an operating loss of $4.5 billion. Daily Active People across Meta's family of apps reached 3.27 billion in June 2024, up 7% year-over-year, demonstrating continued user growth and engagement.Looking ahead, Meta continues to invest heavily in artificial intelligence initiatives while maintaining cost discipline. The company returned $7.6 billion to shareholders through $6.3 billion in share repurchases and $1.3 billion in its first-ever quarterly dividend of $0.50 per share. Meta ended the quarter with $58.1 billion in cash and marketable securities.
