Q3 2024 Meta Platforms Inc Earnings Call Transcript
Key Points
- Meta Platforms Inc (META) reported a strong quarter with total revenue of $40.6 billion, up 19% year-over-year.
- The company has seen significant growth in user engagement, with more than 3.2 billion people using at least one of its apps daily.
- Meta AI has over 500 million monthly active users, contributing to an 8% increase in time spent on Facebook and a 6% increase on Instagram.
- The company is making progress with its AI-driven initiatives, with over 1 million advertisers using its Generative AI tools to create more than 15 million ads in the last month.
- Meta Platforms Inc (META) has a strong cash position, ending the quarter with $70.9 billion in cash and marketable securities.
- Reality Labs continues to incur significant losses, with a $4.4 billion operating loss in Q3.
- The company anticipates increased operating losses for Reality Labs in 2024 due to ongoing product development efforts.
- Meta Platforms Inc (META) faces regulatory headwinds in the EU and the US, which could impact its business and financial results.
- The company expects significant capital expenditure growth in 2025, which may impact its financial flexibility.
- Despite strong revenue growth, the company is still working through its budgeting process for 2025, indicating potential uncertainties in future financial planning.
Good afternoon. My name is Krista and I will be your conference operator today. (Operator Instructions) This call will be recorded. Thank you very much.
Kenneth Dorrell, Meta's Director of Investor Relations, you may begin.
Thank you. Good afternoon and welcome to Meta Platforms third 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 today and we undertake no obligation to update these statements as a result of new
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