Goal, The parent company of Facebook, WhatsApp and Instagram, presented this Wednesday the results corresponding to the second quarter, in which it has obtained a net profit of US$13,465 million, which represents an increase of 73% compared to the 7,788 million obtained in the same period last year. The firm’s shares rose 5% in after-hours trading.
These figures translate into a Earnings per share (EPS) of $5.16above the $2.98 per share achieved in the second quarter of 2023 and also above consensus forecasts, which anticipate an EPS of $4.73.
The company also exceeded market expectations with its revenue figure, which grew by 22% year-on-year to reach 39,071 millionwhile the market expected 38.31 billion.
Meta: the advances that investors highlighted
Meta also reported a 7% year-over-year increase in the number of daily active users on its family of applications (DAP)reaching an average of 3.27 billion in June. Additionally, ad impressions across the entire family of apps increased by 10% compared to the second quarter of 2023, and The average price per ad also increased by 10% year-on-year.
As regards expenses, Total costs were US$24.22 billion, representing a 7% increase from last year.while capital expenditures, including principal payments on financial leases, amounted to US$8.47 billion.
“We had a solid quarter and Meta AI is on track to be the most used AI assistant in the world by the end of the year. We have launched the first open AI assistant, we continue to see good traction with our Ray-Ban Meta AI glasses and we are driving good growth across all of our apps,” he said. Mark Zuckerbergfounder and CEO of Meta.
What is the forecast for META for the third quarter of the year?
Looking ahead to the third quarter of the year, the company expects that Total revenues range between US$38.5 billion and US$41 billionand its guide assumes “that the Foreign currency represents a 2% obstacle for total revenue growth year over year, at current exchange rates.”
It also anticipates total expenses for the full year 2024 of between $96 billion and $99 billion, unchanged from previous guidance. For Reality Labs, the firm continues to expect “operating losses in 2024 to increase significantly year-over-year.”“due to “continuous product development efforts and investments to further scale the ecosystem.”
The company has raised its capital expenditure forecast for the full year, and now It is expected to reach between US$37 and US$40 billion, while previously it set a minimum of US$35 billion.
“While we do not intend to provide any quantitative guidance for 2025 until the fourth quarter call, We expect infrastructure costs to be a major driver of spending growth next year.“as we recognize the depreciation and operating costs associated with our expanded infrastructure footprint,” the company concludes.
Source: Ambito
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