Meta reported a significant increase in quarterly revenues and strong performance of its apps during Q1, according to a statement released on April 25th.
The business saw a significant gain of $36.4 billion in sales, representing a 27% rise compared to the previous year, along with other favorable trends. This announcement comes after analysts predicted optimistic results based on a robust first quarter performance.
Operational and Financial Highlights
This quarter, the tech behemoth delivered impressive results, with significant growth areas anticipated for the year ahead. Notably, Meta’s Ad impressions increased by 20% in the past twelve months, while its monthly active user base expanded to an astounding 3.2 billion people across its applications.
The graph shows a 7% rise in the metric year-over-year, with the average ad price climbing by 6%. Meta’s total revenues impressed investors, reporting a 27% surge to $36.4 billion. Adjusted for currency fluctuations, revenues stood at $36.35 billion.
Meta reported an income growth of 6%, bringing its total expenses to $22.6 billion. This amount includes a capital investment of over $6.7 billion. As a result, the company held $58.1 billion in cash and equivalent resources, while generating a cash flow of $12.5 billion.
The capital return initiative involved the buying back of shares to the tune of $14.64 billion, with dividends amounting to $1.67 billion paid out.
Meta Eyes Future Growth
Mark Zuckerberg, Meta’s CEO, spoke positively about the beginning of the year, sharing that the company’s apps have seen impressive growth.
“Meta AI’s latest update featuring Llama 3 marks a significant advancement in creating a top-tier artificial intelligence system. Our applications are thriving, and we’re consistently moving forward in constructing the metaverse.”
In a similar vein, Meta’s CFO projects Q2 revenues between $36.5 and $39 billion, with expenses and other costs anticipated to rise. Meta’s Reality Labs division is projected to incur losses due to numerous product development efforts and the expansion of the ecosystem on a larger scale.
The first quarter of the year went well for us. Our collection of apps is showing robust growth, and we’re making significant strides on our long-term projects in AI and Reality Labs. These initiatives could significantly change how people use our services in the next few years. (Source: Report)
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2024-04-25 09:40