Meta Reports Third Quarter 2024 Results

Meta Platforms, Inc. reported its third-quarter 2024 financial results on October 26, 2024. The company reported revenue of $32.05 billion, a 2% increase over the same period in 2023.

Net income was $10.09 billion, down 18% from the same period in 2023. Diluted earnings per share (EPS) were $1.91, down 21% from the same period in 2023.

The company's advertising revenue was $27.33 billion, a 1% increase over the same period in 2023. Reality Labs, the company's virtual and augmented reality division, reported revenue of $4.72 billion, a 24% year-over-year increase.

Meta's third-quarter 2024 results were mixed. The company's revenue and Reality Labs revenue grew, but its net income and EPS declined.

The decline in net income and EPS was due to a number of factors, including increased expenses and a decrease in advertising demand. Meta's expenses were $21.96 billion, a 15% increase over the same period in 2023.

The company's advertising revenue was also impacted by the macroeconomic environment and changes to Apple's privacy policies.

Despite the challenges, Meta remains a dominant player in the online advertising market. The company's shares have been volatile in recent months, but they are still up significantly over the past year.

Investors will be watching closely to see how Meta performs in the coming quarters. The company is facing a number of challenges, but it also has a number of opportunities for growth.

Here are some of the key takeaways from Meta's third-quarter 2024 results:

• Revenue grew 2% to $32.05 billion.
• Net income declined 18% to $10.09 billion.
• Diluted EPS declined 21% to $1.91.
• Advertising revenue grew 1% to $27.33 billion.
• Reality Labs revenue grew 24% to $4.72 billion.
• Expenses increased 15% to $21.96 billion.

Meta's third-quarter 2024 results were mixed. The company's revenue and Reality Labs revenue grew, but its net income and EPS declined. Investors will be watching closely to see how Meta performs in the coming quarters.