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【中泰电子】AI全视角-科技大厂财报专题|Meta&亚马逊24Q2季报点评：资本开支增长强劲，云业务亮眼
ZHONGTAI SECURITIES·2024-08-06 02:00

Investment Rating - The report does not explicitly state an investment rating for the industry or companies involved Core Insights - Meta's Q2 2024 revenue reached $39.07 billion, a year-over-year increase of 22%, driven primarily by strong advertising revenue [9][12] - Amazon's Q2 2024 revenue was $148 billion, a year-over-year increase of 10%, but slightly below market expectations [38][42] Summary by Sections Meta: Performance Exceeds Expectations, Driven by Advertising Revenue - Q2 2024 revenue was $39.07 billion, exceeding market expectations by 2% [9] - Advertising revenue was $38.33 billion, contributing significantly to overall growth [24] - Gross margin remained stable at 81%, with R&D expenses increasing by 13% year-over-year [12][19] Meta Business Segments: AI-Enabled Advertising Drives Revenue Growth - Family of Apps revenue was $38.72 billion, up 22% year-over-year, primarily from advertising [24] - Reality Labs revenue was $350 million, up 28% year-over-year, driven by sales of Quest headsets [32] Amazon: Revenue Below Expectations, AWS and Advertising Perform Well - Q2 2024 revenue was $148 billion, slightly below expectations, with AWS and advertising leading growth [38][42] - AWS revenue was $26.3 billion, a year-over-year increase of 19%, exceeding market expectations [68] - Advertising revenue reached $12.8 billion, up 20% year-over-year [72] Amazon Business Segments: AWS Cloud Business Exceeds Expectations - Online Stores revenue was $55.4 billion, a year-over-year increase of 5%, but below expectations [61] - Third-Party Seller revenue was $36.2 billion, up 12% year-over-year, also below expectations [65] - Subscription revenue was $10.9 billion, up 10% year-over-year, meeting market expectations [76] Capital Expenditure: Significant Increases Expected - Meta revised its 2024 capital expenditure guidance to a midpoint of $38.5 billion, up from previous estimates [85] - Amazon's capital expenditure for Q2 2024 was $17.6 billion, a year-over-year increase of 54% [56]