Facebook and Instagram parent Meta ad revenue was up 22% last quarter. The company’s overall revenue increased by the same percentage to $39.07 billion, its fourth straight quarter with +20% growth.
Net income surged 73% to $13.465 billion. The company’s operating margin improved to 38% from 29% in the previous year.
Meta reported 3.27 billion daily active people (DAP) in the quarter. Meta previously reported daily and monthly active user numbers for its Facebook and Messenger apps. The DAP figure is the number of people accessing any one of its apps.
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Ad impressions across all its apps grew 10% year-over-year. The average price per ad was also up 10%.
“Second-quarter earnings exceeded forecasts, rising by $33.1 billion — representing a 22% jump compared to the prior year,” said Lukman Otunuga, Senior Market Analyst at forex trading broker, FXTM. “Meta’s investments in artificial intelligence boosted revenues in its core advertising business, leaving investors optimistic over the company’s business outlook. This is certainly a bright spot for markets and may soothe concerns over the AI hype being overblown.”
The company expects revenue growth next quarter to be between $38.5 billion and $41 billion and maintains its full-year 2024 total expenses outlook of $96 billion to $99 billion. The company anticipates significant capital expenditure growth in 2025 to support AI research and product development.
In other martech company earning news:
- Zeta Global reported $228 million in quarterly revenue, a 33% year-over-year increase. Its total Scaled Customer count to 468, an increase of 8% quarter-over-quarter and 43% year-over-year. The company generated cash flow from operating activities of $31 million, an increase of 51% year-over-year.
- Criteo reported a 1% year-over-year revenue increase to $471 million and a 17% rise in gross profit to $233 million for the quarter. Net income surged to $28 million from a loss of $2 million for the second quarter of 2023. Retail Media revenue grew 23%, while Performance Media revenue declined 2%.
About the author
Constantine von Hoffman is managing editor of MarTech. A veteran journalist, Con has covered business, finance, marketing and tech for CBSNews.com, Brandweek, CMO, and Inc. He has been city editor of the Boston Herald, news producer at NPR, and has written for Harvard Business Review, Boston Magazine, Sierra, and many other publications. He has also been a professional stand-up comedian, given talks at anime and gaming conventions on everything from My Neighbor Totoro to the history of dice and boardgames, and is author of the magical realist novel John Henry the Revelator. He lives in Boston with his wife, Jennifer, and either too many or too few dogs.
