The following is a summary of the Meta Platforms, Inc. (META) Q1 2024 Earnings Call Transcript:
Financial Performance:
Meta reported Q1 revenue of $36.5 billion, a 27% increase in both reported and constant currency basis.
Total expenses for the quarter were $22.6 billion, a rise of 6% from the previous year.
An operating income of $13.8 billion was reported, reflecting a 38% operating margin.
Net income was $12.4 billion, or $4.71 per share.
Capital expenditures, including payments for finance leases, amounted to $6.7 billion.
Revenue from Meta's Family of Apps was $36 billion, also increasing by 27% year-over-year.
Business Progress:
Approximately 3.2 billion people now use at least one of Meta's apps daily.
Significant advancement has been made in AI and Metaverse projects.
The new Meta AI version, empowered by the Llama 3 model, is performing well and anticipated to facilitate larger-scale AI services over time.
Meta is ready for substantial infrastructure investment to accommodate growing demand for AI and Metaverse.
The company highlighted good performances in WhatsApp growth in the US, AI-powered feed recommendations, and Reels.
The strong momentum within Meta's family of apps and significant progress on long-term AI and Reality Labs initiatives have been reported.
CapEx estimate has been increased to focus heavily on AI research and product development, both 'core' AI work and 'strategic bets'.
Meta AI has formed partnerships with Google and Microsoft to incorporate real-time information, planning to transform user interaction by using an AI model as an 'agent' conducting complex tasks.
More details: Meta Platforms IR
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