Meta Shares Surge by 7% After Quarterly Report
Business
Meta has released its second-quarter report, which exceeded analysts' expectations, resulting in a more than 7% rise in the company's stock on the U.S. market.
Meta's revenue for the second quarter of 2024 increased by 22%, reaching $39.07 billion, while net profit grew by 73% to $13.465 billion. The number of active daily users across Meta's platforms, including Facebook and Instagram, rose by 7% to 3.27 billion.
The company anticipates third-quarter revenue to range between $38.5 billion and $41 billion, exceeding analysts' forecasts. Meta has also raised its capital expenditure forecast to $96-99 billion, driven by investments in artificial intelligence and product development.
Meta CEO Mark Zuckerberg emphasized the role of AI in the company's future, stating that AI will impact nearly every Meta product. The company is also heavily investing in AI-powered smart glasses and the Metaverse, despite recording $4.5 billion in losses from these projects.
98% of Meta's revenue comes from advertising, primarily on Facebook and Instagram. The company leverages AI to improve ad effectiveness and create innovative solutions for marketers.
The company anticipates third-quarter revenue to range between $38.5 billion and $41 billion, exceeding analysts' forecasts. Meta has also raised its capital expenditure forecast to $96-99 billion, driven by investments in artificial intelligence and product development.
Meta CEO Mark Zuckerberg emphasized the role of AI in the company's future, stating that AI will impact nearly every Meta product. The company is also heavily investing in AI-powered smart glasses and the Metaverse, despite recording $4.5 billion in losses from these projects.
98% of Meta's revenue comes from advertising, primarily on Facebook and Instagram. The company leverages AI to improve ad effectiveness and create innovative solutions for marketers.
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