Q2 2024 Meta Platforms Inc Earnings Call Transcript
Key Points
- Meta Platforms Inc (META) reported strong user growth, with over 3.2 billion people using at least one of their apps daily.
- WhatsApp now serves more than 100 million monthly active users in the US, showing significant growth.
- Meta AI is on track to become the most used AI assistant by the end of the year, indicating strong adoption and future potential.
- The company reported a 22% year-over-year increase in total revenue, reaching $39.1 billion.
- Meta Platforms Inc (META) has made significant advancements in AI, improving content recommendations and ad performance, which are expected to drive future growth.
- Reality Labs segment reported an operating loss of $4.5 billion, highlighting ongoing challenges in this area.
- The company faces increasing legal and regulatory headwinds in the EU and the US, which could significantly impact business and financial results.
- Capital expenditures are expected to increase significantly in 2025, which may put pressure on financial resources.
- Despite strong initial growth, monetization of new products like Threads and Meta AI is expected to take several years.
- Higher infrastructure and Reality Labs inventory costs contributed to a 23% increase in the cost of revenue.
Good afternoon. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the Meta second-quarter earnings conference call. (Operator Instructions) This call will be recorded. Thank you very much.
Kenneth Dorell, Meta's Director of Investor Relations, you may begin.
Thank you. Good afternoon, and welcome to Meta Platform's second-quarter 2024 earnings conference call. Joining me today to discuss our results are Mark Zuckerberg, CEO; and Susan Li, CFO.
Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today's earnings press release and in our quarterly report on Form 10-Q filed with the SEC.
Any forward-looking statements that we make on this call are based on assumptions as of
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