MENLO PARK, Calif., Oct. 30, 2024 – Meta Platforms, Inc. announced its financial results for the third quarter of 2024, revealing a 35% year-on-year increase in net profit to $15.7 billion. Revenue also rose by 19% to $40.6 billion.
CEO Mark Zuckerberg attributed the growth to heightened digital advertising spending and advancements in artificial intelligence (AI). He emphasized the need for significant investment in AI infrastructure, stating, "We are seeing rapid adoption of Meta AI and Llama, which is quickly becoming a standard across the industry."
The company’s capital expenditures for the quarter reached $9.2 billion, primarily for server and data center enhancements. Meta forecasts full-year capital expenditures between $38 billion and $40 billion, reflecting ongoing investments in AI capabilities.
Meta's family of apps reported an average of 3.29 billion daily active users in September 2024, marking a 5% increase year-over-year. The advertising revenue surged by 18.5%, totaling $39.9 billion for the quarter.
Looking ahead, Meta expects fourth-quarter revenue to range between $45 billion and $48 billion. The company also revised its total expenses outlook for 2024 to between $96 billion and $98 billion.