Meta Q2 2024 revenue up 22% at $39.07 billion

Meta Platforms has reported total revenue of $39.07 billion for the quarter ended June 30, 2024, an increase of 22% year-over-year. Revenue on a constant currency basis would have increased 23% year-over-year.

Ad impressions delivered across Meta’s family of apps increased by 10% year-over-year. Average price per ad increased by 10% year-over-year.

Family daily active people (DAP) was 3.27 billion on average for June 2024, an increase of 7% year-over-year.

Commenting on the Q2 performance, Mark Zuckerberg, Meta founder and CEO, said, “We had a strong quarter, and Meta AI is on track to be the most used AI assistant in the world by the end of the year. We’ve released the first frontier-level open source AI model, we continue to see good traction with our Ray-Ban Meta AI glasses, and we're driving good growth across our apps.”

CFO Outlook Commentary

Meta expects third quarter 2024 total revenue to be in the range of $38.5-41 billion. The company’s guidance assumes foreign currency is a 2% headwind to year-over-year total revenue growth, based on current exchange rates.

Meta expects full-year 2024 total expenses to be in the range of $96-99 billion, unchanged from its prior outlook. For Reality Labs, Meta continues to expect 2024 operating losses to increase meaningfully year-over-year due to its ongoing product development efforts and investments to further scale its ecosystem.

In addition, Meta will continue to monitor an active regulatory landscape, including the increasing legal and regulatory headwinds in the EU and the US that could significantly impact its business and financial results.