Meta Platforms, the parent company of Facebook and Instagram, reported a record Q3 revenue of $40.58 billion, a 19% year-over-year increase, driven by strong ad growth of $39.8 billion. This exceeded Wall Street’s expectations of $40.29 billion. The company’s net income rose 35% to $15.69 billion, or $6.03 per share, surpassing the anticipated $5.25.
CEO Mark Zuckerberg credited advancements in AI for this success, while daily active users averaged 3.29 billion, marking a 5% growth. Looking ahead, Meta forecasts Q4 revenue between $45 billion and $48 billion and has increased its capital expenditure guidance for 2024 to $38 billion-$40 billion, with significant AI investments planned for 2025.
Despite overall success, Meta’s Reality Labs division, focused on AR/VR products, reported $270 million in sales but incurred an operating loss of $4.43 billion. Additionally, Meta India saw a 24% growth in ad revenue, reaching Rs 22,730 crore for the fiscal year ending March 31. Overall, Meta continues to emphasize AI and long-term technology investments to drive future growth.