Meta’s Q1 2024 performance report shows a 27% increase in total revenue from the same period the previous year, reaching $36.455 billion, with a 117% rise in net profit to $12.369 billion.
Key operational figures include a 7% increase in Family Daily Active People (DAP) to 3.24 billion users across all platforms, a 20% growth in ad impressions, and a 6% increase in average ad price. The company also reported $5.81 trillion in cash and equivalents and a 10% reduction in global workforce to 69,329 employees.
CEO Mark Zuckerberg revealed plans to boost AI investments to expand the infrastructure in line with future strategies, with additional investments expected in the coming years. CFO Susan Li highlighted a 41% revenue growth in the Asia-Pacific region, primarily driven by e-commerce and gaming clients. However, the Reality Labs business segment, developing the Metaverse, incurred a $3.846 billion loss in the quarter.
Following the report, Meta’s stock price fell by 15%.
TLDR: Meta’s Q1 2024 report shows substantial revenue and profit growth, increased investments in AI, and regional revenue boosts, offset by losses in the Metaverse segment and a decline in stock price.
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