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    Meta Reports Third Quarter 2024 Results

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    Meta

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    Meta 

    Oct 30, 2024, 16:05 ET

    MENLO PARK, Calif., Oct. 30, 2024 /PRNewswire/ — Meta Platforms, Inc. (Nasdaq: META) today reported financial results for the quarter ended September 30, 2024.

    “We had a good quarter driven by AI progress across our apps and business,” said Mark Zuckerberg, Meta founder and CEO. “We also have strong momentum with Meta AI, Llama adoption, and AI-powered glasses.”

    Third Quarter 2024 Financial Highlights

    Three Months Ended September 30, % Change
    In millions, except percentages and per share amounts                                                            20242023
    Revenue$                  40,589$                  34,14619 %
    Costs and expenses23,23920,39814 %
    Income from operations$                  17,350$                  13,74826 %
    Operating margin43 %40 %
    Provision for income taxes$                    2,134$                    2,437(12) %
    Effective tax rate12 %17 %
    Net income$                  15,688$                  11,58335 %
    Diluted earnings per share (EPS)$                      6.03$                      4.3937 %

    Third Quarter 2024 Operational and Other Financial Highlights

    • Family daily active people (DAP) – DAP was 3.29 billion on average for September 2024, an increase of 5% year-over-year.
    • Ad impressions – Ad impressions delivered across our Family of Apps increased by 7% year-over-year.
    • Average price per ad – Average price per ad increased by 11% year-over-year.
    • Revenue – Total revenue was $40.59 billion, an increase of 19% year-over-year. Revenue on a constant currency basis would have increased 20% year-over-year.
    • Costs and expenses – Total costs and expenses were $23.24 billion, an increase of 14% year-over-year.
    • Capital expenditures – Capital expenditures, including principal payments on finance leases, were $9.20 billion.
    • Capital return program – Share repurchases were $8.86 billion of our Class A common stock and total dividend and dividend equivalent payments were $1.26 billion.
    • Cash, cash equivalents, and marketable securities – Cash, cash equivalents, and marketable securities were $70.90 billion as of September 30, 2024. Free cash flow was $15.52 billion.
    • Long-term debt – Long-term debt was $28.82 billion as of September 30, 2024.
    • Headcount – Headcount was 72,404 as of September 30, 2024, an increase of 9% year-over-year.

    CFO Outlook Commentary

    We expect fourth quarter 2024 total revenue to be in the range of $45-48 billion. Our guidance assumes foreign currency is approximately neutral to year-over-year total revenue growth, based on current exchange rates.

    We expect full-year 2024 total expenses to be in the range of $96-98 billion, updated from our prior range of $96-99 billion. For Reality Labs, we continue to expect 2024 operating losses to increase meaningfully year-over-year due to our ongoing product development efforts and investments to further scale our ecosystem. 

    We anticipate our full-year 2024 capital expenditures will be in the range of $38-40 billion, updated from our prior range of $37-40 billion. We continue to expect significant capital expenditures growth in 2025. Given this, along with the back-end weighted nature of our 2024 capital expenditures, we expect a significant acceleration in infrastructure expense growth next year as we recognize higher growth in depreciation and operating expenses of our expanded infrastructure fleet.

    Absent any changes to our tax landscape, we expect our fourth quarter 2024 tax rate to be in the low-teens.

    In addition, we continue to monitor an active regulatory landscape, including the increasing legal and regulatory headwinds in the EU and the U.S. that could significantly impact our business and our financial results.

    Webcast and Conference Call Information

    Meta will host a conference call to discuss the results at 2:00 p.m. PT / 5:00 p.m. ET today. The live webcast of Meta’s earnings conference call can be accessed at the Meta Investor Relations website at investor.fb.com, along with the earnings press release, financial tables, and slide presentation. 

    Following the call, a replay will be available at the same website. Transcripts of conference calls with publishing equity research analysts held today will also be posted to the investor.fb.com website.

    Disclosure Information

    Meta uses the investor.fb.com and about.fb.com/news/ websites as well as Mark Zuckerberg’s Facebook Page (facebook.com/zuck), Instagram account (instagram.com/zuck) and Threads profile (threads.net/zuck) as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

    About Meta

    Meta builds technologies that help people connect, find communities, and grow businesses. When Facebook launched in 2004, it changed the way people connect. Apps like Messenger, Instagram, and WhatsApp further empowered billions around the world. Now, Meta is moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology.

    Contacts

    Investors:
    Kenneth Dorell
    investor@meta.com / investor.fb.com

    Press:
    Ryan Moore
    press@meta.com / about.fb.com/news/

    Forward-Looking Statements

    This press release contains forward-looking statements regarding our future business plans and expectations. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including: the impact of macroeconomic conditions on our business and financial results, including as a result of geopolitical events; our ability to retain or increase users and engagement levels; our reliance on advertising revenue; our dependency on data signals and mobile operating systems, networks, and standards that we do not control; changes to the content or application of third-party policies that impact our advertising practices; risks associated with new products and changes to existing products as well as other new business initiatives, including our artificial intelligence initiatives and metaverse efforts; our emphasis on community growth and engagement and the user experience over short-term financial results; maintaining and enhancing our brand and reputation; our ongoing privacy, safety, security, and content and advertising review and enforcement efforts; competition; risks associated with government actions that could restrict access to our products or impair our ability to sell advertising in certain countries; litigation and government inquiries; privacy, legislative, and regulatory concerns or developments; risks associated with acquisitions; security breaches; our ability to manage our scale and geographically-dispersed operations; and market conditions or other factors affecting the payment of dividends. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed under the caption “Risk Factors” in our Quarterly Report on Form 10-Q filed with the SEC on August 1, 2024, which is available on our Investor Relations website at investor.fb.com and on the SEC website at www.sec.gov. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. In addition, please note that the date of this press release is October 30, 2024, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.

    For a discussion of limitations in the measurement of certain of our community metrics, see the section entitled “Limitations of Key Metrics and Other Data” in our most recent quarterly or annual report filed with the SEC.

    Non-GAAP Financial Measures 

    To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (GAAP), we use the following non-GAAP financial measures: revenue excluding foreign exchange effect, advertising revenue excluding foreign exchange effect, and free cash flow. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures.

    We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business.

    Our non-GAAP financial measures are adjusted for the following items:

    Foreign exchange effect on revenue. We translated revenue for the three and nine months ended September 30, 2024 using the prior year’s monthly exchange rates for our settlement or billing currencies other than the U.S. dollar, which we believe is a useful metric that facilitates comparison to our historical performance.

    Purchases of property and equipment; Principal payments on finance leases. We subtract both purchases of property and equipment, net of proceeds and principal payments on finance leases in our calculation of free cash flow because we believe that these two items collectively represent the amount of property and equipment we need to procure to support our business, regardless of whether we procure such property or equipment with a finance lease. We believe that this methodology can provide useful supplemental information to help investors better understand underlying trends in our business. Free cash flow is not intended to represent our residual cash flow available for discretionary expenditures.

    For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please see the “Reconciliation of GAAP to Non-GAAP Results” table in this press release.

    META PLATFORMS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (In millions, except per share amounts)
    (Unaudited)
    Three Months Ended September 30,Nine Months Ended September 30,
    2024202320242023
    Revenue$             40,589$           34,146$         116,116$           94,791
    Costs and expenses:
    Cost of revenue7,3756,21021,32218,264
    Research and development11,1779,24131,69327,966
    Marketing and sales2,8222,8778,1079,075
    General and administrative1,8652,0708,9789,119
    Total costs and expenses23,23920,39870,10064,424
    Income from operations17,35013,74846,01630,367
    Interest and other income, net4722721,095254
    Income before provision for income taxes17,82214,02047,11130,621
    Provision for income taxes2,1342,4375,5895,540
    Net income$             15,688$            11,583$            41,522$            25,081
    Earnings per share:
    Basic$                 6.20$                4.50$              16.37$                9.73
    Diluted$                 6.03$                4.39$              15.88$                9.56
    Weighted-average shares used to compute earnings per share:                                     
    Basic2,5292,5762,5362,577
    Diluted2,6002,6412,6152,623
    META PLATFORMS, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In millions)
    (Unaudited)
    September 30, 2024December 31, 2023
    Assets
    Current assets:
    Cash and cash equivalents$                  43,852$                  41,862
    Marketable securities27,04823,541
    Accounts receivable, net14,70016,169
    Prepaid expenses and other current assets5,4673,793
    Total current assets91,06785,365
    Non-marketable equity securities6,0716,141
    Property and equipment, net112,16296,587
    Operating lease right-of-use assets14,81213,294
    Goodwill20,65420,654
    Other assets11,6427,582
    Total assets$                256,408$                229,623
    Liabilities and stockholders’ equity
    Current liabilities:
    Accounts payable$                    7,656$                    4,849
    Operating lease liabilities, current2,0161,623
    Accrued expenses and other current liabilities                                                                                                                           23,65825,488
    Total current liabilities33,33031,960
    Operating lease liabilities, non-current18,20817,226
    Long-term debt28,82318,385
    Long-term income taxes9,1717,514
    Other liabilities2,3471,370
    Total liabilities91,87976,455
    Commitments and contingencies
    Stockholders’ equity:
    Common stock and additional paid-in capital80,74973,253
    Accumulated other comprehensive loss(1,192)(2,155)
    Retained earnings84,97282,070
    Total stockholders’ equity164,529153,168
    Total liabilities and stockholders’ equity$                256,408$                229,623
    META PLATFORMS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In millions)
    (Unaudited)
    Three Months Ended
    September 30,    		Nine Months Ended
    September 30,
    2024202320242023
    Cash flows from operating activities
    Net income$       15,688$       11,583$       41,522$       25,081
    Adjustments to reconcile net income to net cash provided by operating activities:                               
    Depreciation and amortization4,0272,85811,0388,006
    Share-based compensation4,2503,49212,42810,603
    Deferred income taxes(1,308)3,049(3,406)1,292
    Impairment charges for facilities consolidation, net83402881,342
    Other(11)75(82)278
    Changes in assets and liabilities:
    Accounts receivable143(678)1,493444
    Prepaid expenses and other current assets(184)(907)(168)(141)
    Other assets(29)(36)(70)31
    Accounts payable667611(195)(543)
    Accrued expenses and other current liabilities57287(1,199)5,355
    Other liabilities901(72)1,691(39)
    Net cash provided by operating activities24,72420,40263,34051,709
    Cash flows from investing activities
    Purchases of property and equipment, net(8,258)(6,496)(22,831)(19,453)
    Purchases of marketable debt securities(4,468)(1,008)(14,644)(1,810)
    Sales and maturities of marketable debt securities4,1141,47511,9723,825
    Acquisitions of businesses and intangible assets(132)(38)(261)(565)
    Other investing activities124(10)112(20)
    Net cash used in investing activities(8,620)(6,077)(25,652)(18,023)
    Cash flows from financing activities
    Taxes paid related to net share settlement of equity awards(3,544)(2,087)(9,913)(4,789)
    Repurchases of Class A common stock(8,818)(3,570)(30,125)(13,832)
    Payments for dividends and dividend equivalents(1,263)—(3,802)—
    Proceeds from issuance of long-term debt, net10,432—10,4328,455
    Principal payments on finance leases(944)(267)(1,558)(751)
    Other financing activities(234)49(350)(182)
    Net cash used in financing activities(4,371)(5,875)(35,316)(11,099)
    Effect of exchange rate changes on cash, cash equivalents, and restricted cash                     368(354)(72)(283)
    Net increase in cash, cash equivalents, and restricted cash12,1018,0962,30022,304
    Cash, cash equivalents, and restricted cash at beginning of the period33,02629,80442,82715,596
    Cash, cash equivalents, and restricted cash at end of the period$       45,127$       37,900$       45,127$       37,900
    Reconciliation of cash, cash equivalents, and restricted cash to the
    condensed consolidated balance sheets                                       
    Cash and cash equivalents$       43,852$       36,890$       43,852$       36,890
    Restricted cash, included in prepaid expenses and other current assets9015290152
    Restricted cash, included in other assets1,1858581,185858
    Total cash, cash equivalents, and restricted cash$       45,127$       37,900$       45,127$       37,900
    META PLATFORMS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In millions)
    (Unaudited)
    Three Months Ended
    September 30,    		Nine Months Ended
    September 30,
    2024202320242023
    Supplemental cash flow data
    Cash paid for income taxes, net$            1,767$              509$           8,326$           2,016
    Cash paid for interest, net of amounts capitalized$               111$              120$              356$              302
    Non-cash investing and financing activities:
    Property and equipment in accounts payable and accruedexpenses and other current liabilities
    		$            7,217$           4,506$           7,217$           4,506
    Acquisition of businesses and intangible assets in accrued
    expenses and other current liabilities and other liabilities
    		$               186$              182$              186$              182
    Repurchases of Class A common stock in accrued expenses and
    other current liabilities                                                                                                           		$                 —$              122$                —$              122

    Segment Results

    We report our financial results for our two reportable segments: Family of Apps (FoA) and Reality Labs (RL). FoA includes Facebook, Instagram, Messenger, WhatsApp, and other services. RL includes our virtual, augmented, and mixed reality related consumer hardware, software, and content.

    The following table presents our segment information of revenue and income (loss) from operations:

    Segment Information
    (In millions)
    (Unaudited)
    Three Months Ended
    September 30,    		Nine Months Ended
    September 30,
    2024202320242023
    Revenue:
    Advertising$           39,885$           33,643$         113,850$          93,242
    Other revenue4342931,203724
    Family of Apps40,31933,936115,05393,966
    Reality Labs2702101,063825
    Total revenue$           40,589$           34,146$         116,116$          94,791
    Income (loss) from operations:
    Family of Apps$           21,778$           17,490$           58,778$          41,841
    Reality Labs(4,428)(3,742)(12,762)(11,474)
    Total income from operations                                                                                           $           17,350$           13,748$           46,016$          30,367
    Reconciliation of GAAP to Non-GAAP Results
    (In millions, except percentages)
    (Unaudited)
    Three Months Ended
    September 30,    		Nine Months Ended
    September 30,
    2024202320242023
    GAAP revenue$           40,589$           34,146$          116,116$          94,791
    Foreign exchange effect on 2024 revenue using 2023 rates544809
    Revenue excluding foreign exchange effect$           41,133$          116,925
    GAAP revenue year-over-year change %19 %22 %
    Revenue excluding foreign exchange effect year-over-year change %20 %23 %
    GAAP advertising revenue$           39,885$           33,643$          113,850$          93,242
    Foreign exchange effect on 2024 advertising revenue using 2023 rates538799
    Advertising revenue excluding foreign exchange effect$           40,423$          114,649
    GAAP advertising revenue year-over-year change %19 %22 %
    Advertising revenue excluding foreign exchange effect year-over-year change %20 %23 %
    Net cash provided by operating activities$           24,724$           20,402$            63,340$          51,709
    Purchases of property and equipment, net(8,258)(6,496)(22,831)(19,453)
    Principal payments on finance leases(944)(267)(1,558)(751)
    Free cash flow$           15,522$           13,639$            38,951$          31,505

    SOURCE MetaNews provided by

    Meta 

    Oct 30, 2024, 16:05 ET

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    MENLO PARK, Calif., Oct. 30, 2024 /PRNewswire/ — Meta Platforms, Inc. (Nasdaq: META) today reported financial results for the quarter ended September 30, 2024.

    “We had a good quarter driven by AI progress across our apps and business,” said Mark Zuckerberg, Meta founder and CEO. “We also have strong momentum with Meta AI, Llama adoption, and AI-powered glasses.”

    Third Quarter 2024 Financial Highlights

    Three Months Ended September 30, % Change
    In millions, except percentages and per share amounts                                                            20242023
    Revenue$                  40,589$                  34,14619 %
    Costs and expenses23,23920,39814 %
    Income from operations$                  17,350$                  13,74826 %
    Operating margin43 %40 %
    Provision for income taxes$                    2,134$                    2,437(12) %
    Effective tax rate12 %17 %
    Net income$                  15,688$                  11,58335 %
    Diluted earnings per share (EPS)$                      6.03$                      4.3937 %

    Third Quarter 2024 Operational and Other Financial Highlights

    • Family daily active people (DAP) – DAP was 3.29 billion on average for September 2024, an increase of 5% year-over-year.
    • Ad impressions – Ad impressions delivered across our Family of Apps increased by 7% year-over-year.
    • Average price per ad – Average price per ad increased by 11% year-over-year.
    • Revenue – Total revenue was $40.59 billion, an increase of 19% year-over-year. Revenue on a constant currency basis would have increased 20% year-over-year.
    • Costs and expenses – Total costs and expenses were $23.24 billion, an increase of 14% year-over-year.
    • Capital expenditures – Capital expenditures, including principal payments on finance leases, were $9.20 billion.
    • Capital return program – Share repurchases were $8.86 billion of our Class A common stock and total dividend and dividend equivalent payments were $1.26 billion.
    • Cash, cash equivalents, and marketable securities – Cash, cash equivalents, and marketable securities were $70.90 billion as of September 30, 2024. Free cash flow was $15.52 billion.
    • Long-term debt – Long-term debt was $28.82 billion as of September 30, 2024.
    • Headcount – Headcount was 72,404 as of September 30, 2024, an increase of 9% year-over-year.

    CFO Outlook Commentary

    We expect fourth quarter 2024 total revenue to be in the range of $45-48 billion. Our guidance assumes foreign currency is approximately neutral to year-over-year total revenue growth, based on current exchange rates.

    We expect full-year 2024 total expenses to be in the range of $96-98 billion, updated from our prior range of $96-99 billion. For Reality Labs, we continue to expect 2024 operating losses to increase meaningfully year-over-year due to our ongoing product development efforts and investments to further scale our ecosystem. 

    We anticipate our full-year 2024 capital expenditures will be in the range of $38-40 billion, updated from our prior range of $37-40 billion. We continue to expect significant capital expenditures growth in 2025. Given this, along with the back-end weighted nature of our 2024 capital expenditures, we expect a significant acceleration in infrastructure expense growth next year as we recognize higher growth in depreciation and operating expenses of our expanded infrastructure fleet.

    Absent any changes to our tax landscape, we expect our fourth quarter 2024 tax rate to be in the low-teens.

    In addition, we continue to monitor an active regulatory landscape, including the increasing legal and regulatory headwinds in the EU and the U.S. that could significantly impact our business and our financial results.

    Webcast and Conference Call Information

    Meta will host a conference call to discuss the results at 2:00 p.m. PT / 5:00 p.m. ET today. The live webcast of Meta’s earnings conference call can be accessed at the Meta Investor Relations website at investor.fb.com, along with the earnings press release, financial tables, and slide presentation. 

    Following the call, a replay will be available at the same website. Transcripts of conference calls with publishing equity research analysts held today will also be posted to the investor.fb.com website.

    Disclosure Information

    Meta uses the investor.fb.com and about.fb.com/news/ websites as well as Mark Zuckerberg’s Facebook Page (facebook.com/zuck), Instagram account (instagram.com/zuck) and Threads profile (threads.net/zuck) as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

    About Meta

    Meta builds technologies that help people connect, find communities, and grow businesses. When Facebook launched in 2004, it changed the way people connect. Apps like Messenger, Instagram, and WhatsApp further empowered billions around the world. Now, Meta is moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology.

    Contacts

    Investors:
    Kenneth Dorell
    investor@meta.com / investor.fb.com

    Press:
    Ryan Moore
    press@meta.com / about.fb.com/news/

    Forward-Looking Statements

    This press release contains forward-looking statements regarding our future business plans and expectations. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including: the impact of macroeconomic conditions on our business and financial results, including as a result of geopolitical events; our ability to retain or increase users and engagement levels; our reliance on advertising revenue; our dependency on data signals and mobile operating systems, networks, and standards that we do not control; changes to the content or application of third-party policies that impact our advertising practices; risks associated with new products and changes to existing products as well as other new business initiatives, including our artificial intelligence initiatives and metaverse efforts; our emphasis on community growth and engagement and the user experience over short-term financial results; maintaining and enhancing our brand and reputation; our ongoing privacy, safety, security, and content and advertising review and enforcement efforts; competition; risks associated with government actions that could restrict access to our products or impair our ability to sell advertising in certain countries; litigation and government inquiries; privacy, legislative, and regulatory concerns or developments; risks associated with acquisitions; security breaches; our ability to manage our scale and geographically-dispersed operations; and market conditions or other factors affecting the payment of dividends. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed under the caption “Risk Factors” in our Quarterly Report on Form 10-Q filed with the SEC on August 1, 2024, which is available on our Investor Relations website at investor.fb.com and on the SEC website at www.sec.gov. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. In addition, please note that the date of this press release is October 30, 2024, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.

    For a discussion of limitations in the measurement of certain of our community metrics, see the section entitled “Limitations of Key Metrics and Other Data” in our most recent quarterly or annual report filed with the SEC.

    Non-GAAP Financial Measures 

    To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (GAAP), we use the following non-GAAP financial measures: revenue excluding foreign exchange effect, advertising revenue excluding foreign exchange effect, and free cash flow. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures.

    We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business.

    Our non-GAAP financial measures are adjusted for the following items:

    Foreign exchange effect on revenue. We translated revenue for the three and nine months ended September 30, 2024 using the prior year’s monthly exchange rates for our settlement or billing currencies other than the U.S. dollar, which we believe is a useful metric that facilitates comparison to our historical performance.

    Purchases of property and equipment; Principal payments on finance leases. We subtract both purchases of property and equipment, net of proceeds and principal payments on finance leases in our calculation of free cash flow because we believe that these two items collectively represent the amount of property and equipment we need to procure to support our business, regardless of whether we procure such property or equipment with a finance lease. We believe that this methodology can provide useful supplemental information to help investors better understand underlying trends in our business. Free cash flow is not intended to represent our residual cash flow available for discretionary expenditures.

    For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please see the “Reconciliation of GAAP to Non-GAAP Results” table in this press release.

    META PLATFORMS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (In millions, except per share amounts)
    (Unaudited)
    Three Months Ended September 30,Nine Months Ended September 30,
    2024202320242023
    Revenue$             40,589$           34,146$         116,116$           94,791
    Costs and expenses:
    Cost of revenue7,3756,21021,32218,264
    Research and development11,1779,24131,69327,966
    Marketing and sales2,8222,8778,1079,075
    General and administrative1,8652,0708,9789,119
    Total costs and expenses23,23920,39870,10064,424
    Income from operations17,35013,74846,01630,367
    Interest and other income, net4722721,095254
    Income before provision for income taxes17,82214,02047,11130,621
    Provision for income taxes2,1342,4375,5895,540
    Net income$             15,688$            11,583$            41,522$            25,081
    Earnings per share:
    Basic$                 6.20$                4.50$              16.37$                9.73
    Diluted$                 6.03$                4.39$              15.88$                9.56
    Weighted-average shares used to compute earnings per share:                                     
    Basic2,5292,5762,5362,577
    Diluted2,6002,6412,6152,623
    META PLATFORMS, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In millions)
    (Unaudited)
    September 30, 2024December 31, 2023
    Assets
    Current assets:
    Cash and cash equivalents$                  43,852$                  41,862
    Marketable securities27,04823,541
    Accounts receivable, net14,70016,169
    Prepaid expenses and other current assets5,4673,793
    Total current assets91,06785,365
    Non-marketable equity securities6,0716,141
    Property and equipment, net112,16296,587
    Operating lease right-of-use assets14,81213,294
    Goodwill20,65420,654
    Other assets11,6427,582
    Total assets$                256,408$                229,623
    Liabilities and stockholders’ equity
    Current liabilities:
    Accounts payable$                    7,656$                    4,849
    Operating lease liabilities, current2,0161,623
    Accrued expenses and other current liabilities                                                                                                                           23,65825,488
    Total current liabilities33,33031,960
    Operating lease liabilities, non-current18,20817,226
    Long-term debt28,82318,385
    Long-term income taxes9,1717,514
    Other liabilities2,3471,370
    Total liabilities91,87976,455
    Commitments and contingencies
    Stockholders’ equity:
    Common stock and additional paid-in capital80,74973,253
    Accumulated other comprehensive loss(1,192)(2,155)
    Retained earnings84,97282,070
    Total stockholders’ equity164,529153,168
    Total liabilities and stockholders’ equity$                256,408$                229,623
    META PLATFORMS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In millions)
    (Unaudited)
    Three Months Ended
    September 30,    		Nine Months Ended
    September 30,
    2024202320242023
    Cash flows from operating activities
    Net income$       15,688$       11,583$       41,522$       25,081
    Adjustments to reconcile net income to net cash provided by operating activities:                               
    Depreciation and amortization4,0272,85811,0388,006
    Share-based compensation4,2503,49212,42810,603
    Deferred income taxes(1,308)3,049(3,406)1,292
    Impairment charges for facilities consolidation, net83402881,342
    Other(11)75(82)278
    Changes in assets and liabilities:
    Accounts receivable143(678)1,493444
    Prepaid expenses and other current assets(184)(907)(168)(141)
    Other assets(29)(36)(70)31
    Accounts payable667611(195)(543)
    Accrued expenses and other current liabilities57287(1,199)5,355
    Other liabilities901(72)1,691(39)
    Net cash provided by operating activities24,72420,40263,34051,709
    Cash flows from investing activities
    Purchases of property and equipment, net(8,258)(6,496)(22,831)(19,453)
    Purchases of marketable debt securities(4,468)(1,008)(14,644)(1,810)
    Sales and maturities of marketable debt securities4,1141,47511,9723,825
    Acquisitions of businesses and intangible assets(132)(38)(261)(565)
    Other investing activities124(10)112(20)
    Net cash used in investing activities(8,620)(6,077)(25,652)(18,023)
    Cash flows from financing activities
    Taxes paid related to net share settlement of equity awards(3,544)(2,087)(9,913)(4,789)
    Repurchases of Class A common stock(8,818)(3,570)(30,125)(13,832)
    Payments for dividends and dividend equivalents(1,263)—(3,802)—
    Proceeds from issuance of long-term debt, net10,432—10,4328,455
    Principal payments on finance leases(944)(267)(1,558)(751)
    Other financing activities(234)49(350)(182)
    Net cash used in financing activities(4,371)(5,875)(35,316)(11,099)
    Effect of exchange rate changes on cash, cash equivalents, and restricted cash                     368(354)(72)(283)
    Net increase in cash, cash equivalents, and restricted cash12,1018,0962,30022,304
    Cash, cash equivalents, and restricted cash at beginning of the period33,02629,80442,82715,596
    Cash, cash equivalents, and restricted cash at end of the period$       45,127$       37,900$       45,127$       37,900
    Reconciliation of cash, cash equivalents, and restricted cash to the
    condensed consolidated balance sheets                                       
    Cash and cash equivalents$       43,852$       36,890$       43,852$       36,890
    Restricted cash, included in prepaid expenses and other current assets9015290152
    Restricted cash, included in other assets1,1858581,185858
    Total cash, cash equivalents, and restricted cash$       45,127$       37,900$       45,127$       37,900
    META PLATFORMS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In millions)
    (Unaudited)
    Three Months Ended
    September 30,    		Nine Months Ended
    September 30,
    2024202320242023
    Supplemental cash flow data
    Cash paid for income taxes, net$            1,767$              509$           8,326$           2,016
    Cash paid for interest, net of amounts capitalized$               111$              120$              356$              302
    Non-cash investing and financing activities:
    Property and equipment in accounts payable and accruedexpenses and other current liabilities
    		$            7,217$           4,506$           7,217$           4,506
    Acquisition of businesses and intangible assets in accrued
    expenses and other current liabilities and other liabilities
    		$               186$              182$              186$              182
    Repurchases of Class A common stock in accrued expenses and
    other current liabilities                                                                                                           		$                 —$              122$                —$              122

    Segment Results

    We report our financial results for our two reportable segments: Family of Apps (FoA) and Reality Labs (RL). FoA includes Facebook, Instagram, Messenger, WhatsApp, and other services. RL includes our virtual, augmented, and mixed reality related consumer hardware, software, and content.

    The following table presents our segment information of revenue and income (loss) from operations:

    Segment Information
    (In millions)
    (Unaudited)
    Three Months Ended
    September 30,    		Nine Months Ended
    September 30,
    2024202320242023
    Revenue:
    Advertising$           39,885$           33,643$         113,850$          93,242
    Other revenue4342931,203724
    Family of Apps40,31933,936115,05393,966
    Reality Labs2702101,063825
    Total revenue$           40,589$           34,146$         116,116$          94,791
    Income (loss) from operations:
    Family of Apps$           21,778$           17,490$           58,778$          41,841
    Reality Labs(4,428)(3,742)(12,762)(11,474)
    Total income from operations                                                                                           $           17,350$           13,748$           46,016$          30,367
    Reconciliation of GAAP to Non-GAAP Results
    (In millions, except percentages)
    (Unaudited)
    Three Months Ended
    September 30,    		Nine Months Ended
    September 30,
    2024202320242023
    GAAP revenue$           40,589$           34,146$          116,116$          94,791
    Foreign exchange effect on 2024 revenue using 2023 rates544809
    Revenue excluding foreign exchange effect$           41,133$          116,925
    GAAP revenue year-over-year change %19 %22 %
    Revenue excluding foreign exchange effect year-over-year change %20 %23 %
    GAAP advertising revenue$           39,885$           33,643$          113,850$          93,242
    Foreign exchange effect on 2024 advertising revenue using 2023 rates538799
    Advertising revenue excluding foreign exchange effect$           40,423$          114,649
    GAAP advertising revenue year-over-year change %19 %22 %
    Advertising revenue excluding foreign exchange effect year-over-year change %20 %23 %
    Net cash provided by operating activities$           24,724$           20,402$            63,340$          51,709
    Purchases of property and equipment, net(8,258)(6,496)(22,831)(19,453)
    Principal payments on finance leases(944)(267)(1,558)(751)
    Free cash flow$           15,522$           13,639$            38,951$          31,505

    SOURCE Metartrt

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