Meta Platforms reported its Q3 2024 performance with a total revenue of $40.589 billion, a 19% increase from the same period last year, marking a new record high for the company. The net profit stood at $15.688 billion.
The majority of Meta’s revenue comes from advertising on the platform, totaling $39.885 billion. The Metaverse business generated $270 million in revenue, a 22% increase, but incurred a specific business loss of $4.428 billion.
The total number of Family Daily Active People across all platforms increased by 5% to 3.29 billion.
Meta CEO Mark Zuckerberg stated that the company’s AI made significant progress in all apps and the Meta AI, Llama, and AI eyewear business segments received positive feedback. Here are some notable statistics:
– WhatsApp has over 2 billion calls per day globally.
– Facebook shows promising trends among younger user demographics, especially in America.
– Threads has 275 million monthly active users with 1 million new sign-ups daily, poised to become the company’s primary social platform.
– Meta AI has over 500 million monthly active accounts.
– AI-enhanced feeds recommend content, leading to an 8% increase in time spent on Facebook and a 6% increase on Instagram.
In conclusion, Zuckerberg discussed the company’s investment plans for the next year, emphasizing the strong ROI expected from AI investments in the coming years. However, Meta must invest seriously and continuously in infrastructure to support these initiatives.
TLDR: Meta Platforms reported record-high revenue and profits in Q3 2024, driven by advertising and Metaverse initiatives. CEO Zuckerberg highlighted the positive impact of AI across various platforms and emphasized the need for sustained infrastructure investments.
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