SAN FRANCISCO – Meta Platforms, Inc. announced its financial results for the third quarter ending September 30, revealing a total quarterly revenue of $40.59 billion, a 19% increase compared to the previous year.
Net income for the quarter rose significantly to $15.69 billion, reflecting a 35% increase from $11.58 billion year-over-year. Diluted earnings per share climbed to $6.03, up from $4.39 during the same period in 2023.
The company reported an average of 3.29 billion daily active people (DAP) across its family of apps in September 2024, marking a 5% year-on-year increase. Meta’s cash, cash equivalents, and marketable securities stood at $70.90 billion, with free cash flow reported at $15.52 billion.
Mark Zuckerberg, Meta’s founder and CEO, stated, “We had a good quarter driven by AI progress across our apps and business,” highlighting strong momentum with Meta AI, Llama adoption, and AI-powered glasses.
Looking ahead, Meta expects fourth quarter 2024 revenue to fall between $45 billion and $48 billion, while full-year expenses are projected to be between $96 billion and $98 billion. Capital expenditures for the year are anticipated to range from $38 billion to $40 billion, with significant growth expected in 2025.
However, Meta also noted that increasing legal and regulatory challenges in the European Union and the United States could significantly affect its business and financial results, prompting the company to closely monitor the evolving regulatory landscape.