Meta Platforms reported robust Q2 2024 financial results with revenue reaching $39.07B, up 22% YoY, while net income jumped 73% to $13.47B. Operating margin improved to 38% from 29% YoY, with diluted EPS rising to $5.16. The company's family of daily active users grew 7% to 3.27 billion, while ad impressions increased 10% with a 10% higher average price per ad.CEO Mark Zuckerberg highlighted Meta AI's trajectory to become the world's most used AI assistant by year-end, alongside successful launches of their first frontier-level open source AI model and Ray-Ban Meta AI glasses. The company maintained its full-year expense guidance of $96-99B while updating capital expenditure outlook to $37-40B.Looking ahead, Meta projects Q3 2024 revenue between $38.5-41B, with a 2% foreign currency headwind. The company expects significant capital expenditure growth in 2025 to support AI development, while Reality Labs' operating losses are anticipated to increase meaningfully in 2024 due to ongoing product development and ecosystem expansion efforts.

Meta Platforms reported robust Q2 2024 financial results with revenue reaching $39.07B, up 22% YoY, while net income jumped 73% to $13.47B. Operating margin improved to 38% from 29% YoY, with diluted EPS rising to $5.16. The company's family of daily active users grew 7% to 3.27 billion, while ad impressions increased 10% with a 10% higher average price per ad.CEO Mark Zuckerberg highlighted Meta AI's trajectory to become the world's most used AI assistant by year-end, alongside successful launches of their first frontier-level open source AI model and Ray-Ban Meta AI glasses. The company maintained its full-year expense guidance of $96-99B while updating capital expenditure outlook to $37-40B.Looking ahead, Meta projects Q3 2024 revenue between $38.5-41B, with a 2% foreign currency headwind. The company expects significant capital expenditure growth in 2025 to support AI development, while Reality Labs' operating losses are anticipated to increase meaningfully in 2024 due to ongoing product development and ecosystem expansion efforts.