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Meta Platforms reports revenue growth in the first quarter of 2024
Meta share collapses after doubling profits: Meta Platforms shocks investors with forecast increase and focus on artificial intelligence - read all the details now! #Facebook #MetaPlatforms #Finance
Meta Platforms reports revenue growth in the first quarter of 2024
Tech giant Meta Platforms, parent company of Facebook, reported a significant increase in revenue in the first quarter of 2024. With quarterly revenue of $36.46 billion, the company achieved higher than the forecast $36.14 billion. Compared to the same period last year, Meta Platforms increased its revenue from $28.65 billion to $36.46 billion.
In particular, Meta Platforms' advertising business flourished last quarter, resulting in a doubling of profits. The company exceeded expectations with a profit of almost $12.4 billion. Daily user numbers rose to 3.24 billion who regularly accessed platforms such as Instagram and WhatsApp.
The business area of the digital world of Metaverse and virtual reality glasses from Reality Labs did not develop so positively, where operating losses of 3.85 billion dollars were recorded. These losses pose a challenge for the company, although Mark Zuckerberg, founder and CEO of Meta, remains optimistic and emphasizes progress in building the Metaverse.
Nevertheless, Meta Platforms predicts a significant increase in investments and expects higher costs due to the increased focus on artificial intelligence. Expected spending for the current year is now $96 billion to $99 billion, compared to a previous forecast of $94 billion to $99 billion. Mark Zuckerberg aims to make Meta the leader in AI, which has unsettled some investors due to the announced investments and led to a decline in the share price.