From Nasdaq: 2024-08-01 07:06:00

Meta Platforms reported strong second-quarter 2024 earnings of $5.16 per share, beating estimates by 9.79%, with a 73.2% increase year-over-year. Revenues of $39.07 billion surpassed estimates by 1.91%, growing 22.1% year-over-year. WhatsApp hit 100 million monthly users, and Thread reached 200 million. Shares surged over 7% in pre-market trading. (Word count: 50)

Advertising revenues from Meta Platforms’ Family of Apps increased 21.7% year-over-year to $38.33 billion, accounting for 97.9% of second-quarter revenues. Ad impressions across the Family of Apps rose 10%, with average ad price up 10%. Online commerce was the largest contributor to revenue growth, followed by gaming and entertainment. (Word count: 45)

Operating income for Meta Platforms was $14.85 billion, a 38% operating margin. Family of Apps’ operating income jumped 47.2% year-over-year to $19.34 billion, while Reality Labs reported a loss of $4.49 billion. Meta Platforms has $58.08 billion in cash and marketable securities and expects total revenues of $38.5-$41 billion for the third quarter. (Word count: 50)

Meta Platforms expects total expenses between $96 billion and $99 billion for 2024, with Reality Labs’ operating losses increasing year-over-year. Capital expenditure for 2024 is estimated at $37-$40 billion. Meta Platforms currently holds a Zacks Rank #3 (Hold), with Apple, CACI International, and Dell Technologies as top-ranked stocks in the sector. (Word count: 44)



Read more at Nasdaq: META’s Q2 Earnings & Revenues Beat Estimates, Shares Up