Meta reports Q2 2024 performance with total revenue of $39.071 billion, up 22% from the same quarter last year. Net profit increased to $13.465 billion, with revenue from apps at $38.718 billion, and Reality Labs or Metaverse group generating $353 million. However, Reality Labs incurred a loss of $4.488 billion in this quarter.
The number of daily active users across all platforms rose to 3.27 billion. CEO Mark Zuckerberg stated that Meta AI continues to progress towards becoming the most widely used AI assistant globally by the end of this year. In the previous quarter, the company released an open-source AI model for use, received positive feedback on Ray-Ban Meta AI glasses, and maintained growth across all apps.
Source: Meta
TLDR: Meta’s Q2 2024 financial report shows significant revenue growth, particularly in the app and Reality Labs segments. The company is focusing on advancing Meta AI and expanding its user base across platforms.
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