Meta Platforms' second quarter surpassed analyst expectations on key metrics, driven by growth in advertising and AI advancements.
Social media and tech giant Meta Platforms (META 4.83%) reported Q2 2024 earnings on Wednesday that showcased substantial growth in key areas. Meta's revenue and earnings both topped analysts' consensus estimates. Net income soared 73% year over year to $13.47 billion.
The quarter reflects overall operational efficiency and robust advertising revenue, but ongoing investments in Reality Labs and increased regulatory costs remain areas of concern.
Meta Platforms is a global leader in social media and digital connections, operating major platforms like Facebook, Instagram, WhatsApp, and Messenger. These platforms collectively form Meta's Family of Apps (FoA) segment, contributing to the bulk of the company's revenue through advertising sales. Meta also operates Reality Labs (RL), focusing on virtual and augmented reality technologies.
