Meta's (META) Q3 2024 financial performance demonstrated robust growth, with total revenue reaching $40.59 billion, marking a 19% year-over-year increase. This growth was primarily driven by a 19% rise in advertising revenue, supported by a 7% increase in ad impressions and an 11% rise in the average price per ad.

The Family of Apps (FoA) segment contributed $40.32 billion to revenue, a 19% increase compared to Q3 2023, while Reality Labs (RL) revenue grew by 29% to $270 million. However, RL continued to operate at a loss, with a $4.43 billion operating loss in Q3 2024, an 18% increase year-over-year.

Net income for Q3 2024 was $15.69 billion, a significant improvement from $11.58 billion in Q3 2023. Diluted earnings per share (EPS) rose to $6.03 from $4.39 in the prior year, reflecting strong profitability.

Operating income increased by 26% year-over-year to $17.35 billion, driven by higher advertising revenue and cost efficiencies. The operating margin improved to 43% in Q3 2024, up from 40% in Q3 2023.

Meta's cash flow from operating activities for the nine months ended September 30, 2024, was $63.34 billion, up from $51.71 billion in the same period in 2023. This increase was driven by higher revenue and efficient cash collection processes.

Capital expenditures for Q3 2024 totaled $9.20 billion, reflecting continued investments in servers, data centers, and network infrastructure. Meta anticipates capital expenditures of $38-40 billion for the full year 2024, with further growth expected in 2025.

Meta returned significant capital to shareholders, repurchasing $8.86 billion of Class A common stock and paying $1.26 billion in dividends during Q3 2024. The company has $51.28 billion remaining under its share repurchase authorization.

The Family of Apps daily active people (DAP) reached 3.29 billion in September 2024, a 5% year-over-year increase, indicating strong user engagement across Meta's platforms.

Marketing and sales expenses decreased by 2% year-over-year in Q3 2024, primarily due to lower restructuring charges. General and administrative expenses also declined by 10%, driven by reduced legal-related costs.

Meta's cash, cash equivalents, and marketable securities stood at $70.90 billion as of September 30, 2024, an increase of $5.50 billion from December 31, 2023. This was supported by strong operating cash flows and proceeds from debt issuance.