Meta Revenue Grows 11% In Q2 As Company Touts Investments In Threads And AI

Meta’s revenue beat estimates in the second quarter, rising by 11% to $32 billion, as the company also touted investments in its Twitter rival, Threads, as well as in new AI products.

Net income rose 16% to $7.79 billion, while the company reported $2.98 per share in earnings, from $2.46 in the same period a year earlier. Estimates of earnings per share had been $2.91.

Facebook daily active users were 2.06 billion in June, an increase of 5% year over year.

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The company also gave a positive outlook for the third quarter, with revenue in the range of $32 billion to $34.5 billion.

Meta said that total costs and expenses grew 10% to $22.6 billion, with legal expenses of $1.87 billion recorded during the quarter and $780 million in restructuring charges, following mass layoffs last year.

The company also forecast further expense growth into 2024 as it invests in AI and the metaverse.

Meta CEO Mark Zuckerberg said in a statement that they “continue to see strong engagement across our apps and we have the most exciting roadmap I’ve seen in a while.” He cited Threads and AI, as well as Reels, Llama 2 and the launch of Quest 3 in the fall.

The company said that it expected full-year capital expenditures to be in the range of $27 billion to $30 billion, lowered from its prior estimates. Meta said that the reduced forecast is due to cost savings, especially on non-AI servers, as well as shifts in capital expenditures into 2024 due to delays in projects and equipment deliveries.

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