Meta Q3 Revenue Hits Record $40.6 Billion, Company Expects ‘Significant’ Increase in Capital Spending in 2025
variety.comTodd Spangler NY Digital Editor Meta, the most massive social media company on the planet, keeps growing bigger. The parent company of Facebook and Instagram reported Q3 2024 revenue of $40.58 billion, a quarterly record, up a healthy 19% year over year.
Net income was $15.69 billion — an increase of 35% and also a quarterly record — translating to $6.03 per share. That was well above Wall Street forecasts of $40.29 billion in revenue and earnings per share of $5.25, per LSEG.
For September 2024, the number of daily active users across Meta’s family of apps averaged 3.29 billion, up 5% year over year and an increase over 3.27 billion in June. (As of Q1 2024, Meta no longer reports average monthly users for its family of apps, or daily or monthly user figures for the flagship Facebook app.) “We had a good quarter driven by AI progress across our apps and business,” Meta co-founder, CEO and chairman Mark Zuckerberg said in prepared remarks.
Meta expects fourth quarter 2024 total revenue to be in the range of $45 billion-$48 billion, in line with analyst expectations.
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