Good start to the year, says Zuckerberg, as Meta’s Q1 2024 revenue grows 27%

For the first quarter ended March 31, 2024, Meta reported total revenue and revenue on a constant currency basis at $36.46 billion and $36.35 billion, respectively, both of which increased by 27% year-over-year.

As per media reports, Meta more than doubled its profit in Q1 2024, reporting earnings of $12.37 billion as against $5.71 billion in Q1 2023.

Ad impressions delivered across Meta’s Family of Apps increased by 20% year-over-year. Average price per ad increased by 6% year-over-year.

Commenting on the results, Mark Zuckerberg, Founder and CEO, Meta, said, “It’s been a good start to the year. The new version of Meta AI with Llama 3 is another step towards building the world’s leading AI. We’re seeing healthy growth across our apps and we continue making steady progress building the metaverse as well.”

In her outlook commentary, Meta CFO Susan Li stated, “We expect second quarter 2024 total revenue to be in the range of $36.5-39 billion. Our guidance assumes foreign currency is a 1% headwind to year-over-year total revenue growth, based on current exchange rates.”

Meta expects full-year 2024 total expenses to be in the range of $96-99 billion, updated from the prior outlook of $94-99 billion due to higher infrastructure and legal costs. For Reality Labs, Meta continues to expect operating losses to increase meaningfully year-over-year due to its ongoing product development efforts and the investments to further scale its ecosystem.

Meta anticipates its full-year 2024 capital expenditures to be in the range of $35-40 billion, increased from its prior range of $30-37 billion as the tech giant continues to accelerate its infrastructure investments to support its artificial intelligence (AI) roadmap.

“While we are not providing guidance for years beyond 2024, we expect capital expenditures will continue to increase next year as we invest aggressively to support our ambitious AI research and product development efforts.” Li said.