Meta's Q3 2024 earnings report

Meta Reports Strong Q2 Results, EPS $5.16, Revenue $39.07B

Jul 31, 2024, 08:10 PM

Meta Platforms reported strong financial results for Q2 2024, significantly surpassing analysts' expectations. The company posted revenue of $39.07 billion, up 22% year-over-year, beating the estimated $38.34 billion. Earnings per share (EPS) came in at $5.16, a 73% increase year-over-year, and above the expected $4.72. Net income rose 73% to $13.47 billion. The number of daily active people across Meta's family of apps reached 3.27 billion, a 7% increase year-over-year. Advertising revenue was $38.33 billion, with ad impressions and average price per ad both increasing by 10%. Meta's operating margin improved to 38% from 29% a year ago. Operating income was $14.85 billion, and free cash flow was $10.9 billion. The company guided Q3 revenue between $38.5 billion and $41 billion, ahead of the consensus estimate of $39.1 billion. Meta also raised its full-year capital expenditure forecast to $37-40 billion. Following the earnings report, Meta's stock rose significantly in after-hours trading.