META Reports Strong Financial Results for Q1 2024
Surpassing Analyst Expectations, Q1 Revenue Reaches $36.455 Billion
Revenue Growth of 2.7% Year-Over-Year
META Platforms, Inc. (META) announced its financial results for the quarter ended March 31, 2024, marking a strong start to the year. The company's revenue exceeded analyst expectations, reaching $36.455 billion, an increase of 2.7% compared to the same period last year.Analysts had projected META's Q1 revenue to be around $36.16 billion, with earnings per share of $4.32. However, the company's diluted earnings per share surpassed these estimates, reaching $4.71.
The revenue growth was primarily driven by the company's advertising business, which contributes the majority of its revenue. META attributed the increase to strong demand from advertisers across its various platforms, including Facebook, Instagram, and WhatsApp.
In addition to revenue growth, META also reported a 7% year-over-year increase in its average daily active users (DAUs), reaching 3.24 billion. This growth further strengthens the company's position as one of the world's largest social media platforms.
Despite the ongoing economic uncertainties, META remains optimistic about its prospects for the remainder of 2024. The company plans to continue investing in key areas such as artificial intelligence, virtual reality, and e-commerce to drive future growth.
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