Menlo Park, August 1 (FFN) – Meta Platforms (Meta), the parent company of social media networks Facebook and Instagram, significantly increased its revenue and profit in the second quarter. The company announced on Wednesday (July 31) that it expects strong growth to continue in the next quarter. Financeflashnews reports this based on information from Reuters.
Revenue for the three months ending in June increased by 22% to $39.1 billion (€36.11 billion). The company now expects revenue in the current quarter to be between $38.5 billion and $41 billion.
Profit rose by 73% to nearly $13.5 billion. Thanks to this financial cushion, founder and CEO Mark Zuckerberg wants to continue investing in the development of artificial intelligence (AI). The Meta AI chatbot is on track to become the most widely used AI assistant in the world by the end of the year, Zuckerberg emphasized after presenting the results.
AI plans require high investments. Meta’s expenses increased by 7% to $24.22 billion in the last quarter. For this year, Meta expects costs of between $37 billion and $40 billion. (1 EUR = 1.0828 USD)
Here is a table summarizing Meta Platforms’ financial performance in Q2 2023 and Q2 2024:
| Metric | Q2 2023 | Q2 2024 |
|---|---|---|
| Revenue (USD Billion) | 32.00 | 39.10 |
| Profit (USD Billion) | 7.80 | 13.50 |
| Expenses (USD Billion) | 22.70 | 24.22 |
The table shows that Meta Platforms’ revenue and profit increased significantly in Q2 2024 compared to Q2 2023. Expenses also grew, but at a slower pace than revenue and profit. This suggests that Meta Platforms is becoming more efficient in its operations.
