Meta Platforms(META) - 2024 Q2 - Quarterly Results

Financial Performance - Total revenue was $39.07 billion, reflecting a 22% year-over-year growth[1] - Net income for the quarter was $13.47 billion, a 73% increase compared to $7.79 billion in the previous year[9] - Revenue for Q2 2024 reached $39,071 million, a 22% increase from $31,999 million in Q2 2023[37] - Net income for Q2 2024 was $13,465 million, compared to $7,788 million in Q2 2023, representing a 73% year-over-year growth[37] - Basic earnings per share for Q2 2024 were $5.31, compared to $3.03 in Q2 2023, marking a 75% increase[37] - Free cash flow for the first half of 2024 was $23.429 billion, up from $17.866 billion in the same period of 2023[40] Advertising Revenue - Advertising revenue increased to $38.33 billion, up from $31.50 billion year-over-year, representing a 22% increase[19] - Average price per ad rose by 10% year-over-year[1] - Advertising revenue for Q2 2024 reached $38.329 billion, reflecting a 22% year-over-year growth compared to $31.498 billion in Q2 2023[40] Costs and Expenses - Total costs and expenses were $24.22 billion, an increase of 7% year-over-year[1] - Total costs and expenses for Q2 2024 were $24,224 million, up from $22,607 million in Q2 2023, a 7% increase[37] - Research and development expenses for Q2 2024 totaled $10,537 million, an increase from $9,344 million in Q2 2023, reflecting a 13% rise[37] - The company expects full-year 2024 total expenses to be in the range of $96-99 billion[2] - The company expects infrastructure costs to significantly drive expense growth in 2025 due to expanded infrastructure[31] Cash and Assets - Cash, cash equivalents, and marketable securities totaled $58.08 billion as of June 30, 2024[1] - Cash, cash equivalents, and restricted cash at the end of Q2 2024 were $33,026 million, compared to $29,804 million at the end of Q2 2023[37] - Total assets as of June 30, 2024, were $230.238 billion, slightly up from $229.623 billion at the end of 2023[50] - Cash and cash equivalents decreased to $32.045 billion as of June 30, 2024, down from $41.862 billion at the end of 2023[50] Operating Performance - Operating cash flow for Q2 2024 was $19,370 million, up from $17,309 million in Q2 2023, indicating a 12% increase[37] - The company reported an increase in income from operations to $14,847 million in Q2 2024, up from $9,392 million in Q2 2023, a 58% increase[37] - Income from operations for the Family of Apps segment was $19.335 billion in Q2 2024, compared to $13.131 billion in Q2 2023[52] - The Reality Labs segment reported an operating loss of $4.488 billion in Q2 2024, widening from a loss of $3.739 billion in Q2 2023[52] Future Expectations - The company expects Q3 2024 total revenue to be in the range of $38.5 billion to $41 billion, with a 2% headwind from foreign currency[43] - The company does not intend to provide quantitative guidance for 2025 until the fourth quarter call[31] - The company anticipates a full-year 2024 tax rate in the mid-teens, barring any changes to the tax landscape[44] User Engagement - Family daily active people (DAP) reached 3.27 billion in June 2024, a 7% year-over-year increase[1]