Facebook Parent Meta Shares Pop On Strong Q2 Advertising

Jill Goldsmith
2-min read

Facebook, Instagram and WhatsApp parent Meta said daily active users across its family of apps rose 7% last quarter to 3.27 billion as ad impressions jumped 10% for total revenue of about $39.1 billion, up 22% and above Wall Street forecasts.

The shares are up about 4% in after-hours trading on the numbers.

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Digital advertising has been challenging and the company is emerging from a slump. Average price per ad increased by 10% year-on-year for the three months ended in June.

“We had a strong quarter, and Meta AI is on track to be the most used AI assistant in the world by the end of the year,” said the company’s CEO Mark Zuckerberg. “We’ve released the rst frontier-level open source AI model, we continue to see good traction with our Ray-Ban Meta AI glasses, and we’re driving good growth across our apps.”

Net income rose to $13.5 billion from $7.8 billion.

Total costs and expenses of $24.2 billion rose 7% year-over-year. Capital expenditures approached $8.5 billion. The advance of AI has been exploding costs at tech companies. Meta has been rolling out its latest version Llama, which stands for Large Language Model Meta AI, a generative artificial intelligence that has been trained to speak, compute, create, obey commands and perform other tasks based on massive amounts of content its been fed.

Meta said it repurchased $6.32 billion worth of Class A common stock in the quarter and paid $1.27 billion in dividends. Cash, cash equivalents, and marketable securities stood at $58 billion as of June 30. 2024.

Zuckerberg will host a call with analysts shortly at 5 pm ET.

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