October 31, 2024 – Meta today released its unaudited financial results for the third quarter, reporting a revenue of 405.80billion,a19156.88 billion, marking a 35% year-over-year growth. Additionally, diluted earnings per share rose by 37% to $6.03.
In September 2024, Meta’s “family” of services, including Meta, Instagram, WhatsApp, and Messenger, reached an average of 32.9 billion daily active users, representing a 5% growth compared to the same period last year.
As of September 30, 2024, Meta’s total cash, cash equivalents, and marketable securities stood at 709.0billion.Duringthethirdquarterof2024,thecompanygeneratedafreecashflowof155.2 billion. Furthermore, Meta’s total headcount increased by 9% year-over-year, reaching 72,404 employees as of September 30, 2024.
It’s worth noting that Meta’s Reality Labs division, which develops augmented reality (AR) and virtual reality (VR) technologies, reported an operating loss of 44billioninthethirdquarter.Thislosswaslowerthananalysts′predictionsofa46.8 billion loss. Reality Labs’ revenue increased by 29% year-over-year to 270million,althoughitmissedanalysts′estimatesof310 million. The primary sources of Revenue for Reality Labs are sales of Meta’s Quest VR headsets and Ray-Ban Meta smart glasses.
Meta entered the VR market in 2014 when it acquired VR startup Oculus for 2billion,stilloperatingunderthenameFacebookatthattime.ThisinvestmenthasbeencostlyforMeta,withRealityLabsreportingoperatinglossesexceeding58 billion since 2020. However, the company continues to invest in this innovative technology, showcasing its commitment to shaping the future of AR and VR.