Meta, the technology giant formerly known as Facebook, reported its financial results for the first quarter of 2024 on Wednesday evening. The company’s revenues came in at $36.46 billion, representing a 27% increase compared to the same quarter the previous year. This marks the fifth consecutive quarter of strong revenue growth for Meta. Early forecasts had anticipated revenues around $36.1 billion.
In terms of profitability, Meta reported earnings per share of $4.71, exceeding analysts’ expectations of $4.3 per share. Revenue from advertising amounted to approximately $35.64 billion, slightly surpassing initial forecasts. Additionally, Meta disclosed that it invested approximately $6.72 billion in capital expenditures during the quarter, focusing on the development of artificial intelligence and the metaverse.
Meta’s financial success has garnered positive attention from investors, with its stock soaring by more than 20% following the announcement of dividends in the previous quarter. The company’s strategic investments in artificial intelligence technologies, such as acquiring Nvidia’s processors and upgrading its chatbot capabilities, highlight its commitment to innovation and growth.
Looking ahead, Meta expects expenses to increase due to investments in infrastructure and legal costs, with forecasts indicating expenses in the range of $96-99 billion for 2024. Despite the potential for increased expenses, Meta remains confident in its long-term growth prospects and is poised to continue leading the charge in the tech industry.
One notable shift in Meta’s reporting strategy is
