On April 24, 2024, Meta Platforms, Inc. released its financial results for the first quarter ended March 31, 2024. The company reported a 27% increase in revenue to $36.46 billion compared to the same period last year, and a significant 117% increase in net income to $12.37 billion. Diluted earnings per share also saw a substantial rise of 114% to $4.71. Operational highlights include a 7% year-over-year increase in daily active people across Meta's family of apps, a 20% increase in ad impressions, and a 6% increase in the average price per ad. The company's capital expenditures were $6.72 billion, and it returned $14.64 billion to shareholders through share repurchases and paid out $1.27 billion in dividends. Meta's cash, cash equivalents, and marketable securities stood at $58.12 billion as of March 31, 2024. The...Show More

On April 24, 2024, Meta Platforms, Inc. released its financial results for the first quarter ended March 31, 2024. The company reported a 27% increase in revenue to $36.46 billion compared to the same period last year, and a significant 117% increase in net income to $12.37 billion. Diluted earnings per share also saw a substantial rise of 114% to $4.71. Operational highlights include a 7% year-over-year increase in daily active people across Meta's family of apps, a 20% increase in ad impressions, and a 6% increase in the average price per ad. The company's capital expenditures were $6.72 billion, and it returned $14.64 billion to shareholders through share repurchases and paid out $1.27 billion in dividends. Meta's cash, cash equivalents, and marketable securities stood at $58.12 billion as of March 31, 2024. The company's headcount decreased by 10% year-over-year to 69,329. Looking ahead, Meta expects second-quarter revenue to be between $36.5-39 billion and has updated its full-year expense guidance to $96-99 billion due to increased infrastructure and legal costs. The company also anticipates an increase in operating losses for its Reality Labs segment, reflecting ongoing product development and investment efforts. Meta's full-year capital expenditures are projected to be $35-40 billion, with expectations of further increases in the following year to support its AI research and product development.