Meta Platforms (META) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue reached $39.1 billion, up 22% year-over-year, with strong growth in daily active users across apps, especially among young adults and in the U.S.

• Net income surged to $14.0 billion, up 73% year-over-year, with diluted EPS of $5.33.

• AI advancements and Reality Labs products, including Ray-Ban Meta glasses and Quest 3, are driving engagement and supporting long-term ambitions.

• Threads is nearing 200 million monthly actives, and Meta AI is positioned to become the most used AI assistant by year-end.

• Family daily active people (DAP) reached 3.27 billion, up 7% year-over-year.

Financial highlights

• Q2 2024 revenue was $39.1 billion (+22% YoY); net income was $14.0 billion; diluted EPS was $5.33.

• Operating income was $14.85 billion (38% margin), up from $9.39 billion in Q2 2023.

• Free cash flow was $10.9 billion; capital expenditures were $8.47 billion.

• Share repurchases totaled $6.32 billion and dividends paid were $1.27 billion.

• Cash, cash equivalents, and marketable securities totaled $58.08 billion; long-term debt was $18.39 billion.

Outlook and guidance

• Q3 2024 revenue expected between $38.5 billion and $41 billion, with a 2% FX headwind.

• Full-year 2024 expenses projected at $96–$99 billion; CapEx guidance raised to $37–$40 billion.

• Significant CapEx growth anticipated in 2025 to support AI research and product development.

• Reality Labs operating losses expected to increase meaningfully in 2024.

• Tax rate for 2024 expected in the mid-teens.