CHART: Meta posted strong revenue results in Q3 2024 despite challenges in its AI and Metaverse divisions
The company’s focus on cost efficiency helped to reduce operating expenses and drive net income growth.
- Meta's Q3 revenue rose 19% YoY to $40.6 billion, while net income rose 35% to $15.68 billion
- Global daily active users across Meta's apps reached 3.29 billion.
- Q4 revenue projections range from $45 billion to $48 billion, indicating a potential 20% growth YoY.
Meta reported a strong third-quarter performance, with revenue rising 19% year-over-year to reach $40.6 billion, exceeding Wall Street’s expectations.
This growth came alongside a 35% increase in net income, hitting $15.68 billion, with earnings per share at $6.03.
Meta’s expansive suite of apps—Facebook, Instagram, WhatsApp, and Threads—also saw its global daily active user count climb to 3.29 billion, reflecting a 5% increase from last year.
While this user growth fell slightly below some projections, the figures solidify Meta’s continued dominance in the social media market, highlighting both the strength of its core business and the effectiveness of its “year of efficiency” cost-cutting efforts.
Emmanuel Oyedeji
Behind these gains lies Meta’s substantial investment in artificial intelligence, which has driven new features across its platforms and generated fresh opportunities for user engagement. A key example is the Meta AI chatbot, now used by 500 million monthly users across its apps.
