Meta AI is set to become the most popular AI assistant, Facebook is popular again among younger users, and Reality Labs continues to spend heavily on research and development.
What you need to know:
Meta earned $39 billion in revenue this quarter, a 22% increase year-over-year and its second-biggest quarter ever.
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3.27 billion people now use Meta apps daily, including Threads which has grown to 200 million users.
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Meta CEO emphasized the focus on investing billions in AI and Reality Labs to stay ahead of competitors.
Reality Labs R&D expenses have totalled $50 billion since Meta began tracking this data in earnings reports.
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Meta maintained its strong growth in 2024, growing revenue by $7 billion compared to 2023 and viewed ads by 10%.
CEO Mark Zuckerberg highlighted the growth of products like Meta AI, WhatsApp, Threads, and Meta Ray-Ban smart glasses while glossing over Reality Labs’ operating losses.
On Wednesday, Meta reported its Q2 2024 earnings. The company grew its total users to 3.27 billion, or 200 million more than last year.
Zuckerberg claimed that Facebook has become popular again among younger users and that WhatsApp now has 100 million monthly US users.
He also bragged about Meta AI’s performance, saying it will become the most used AI assistant by the end of the year and is improving quickly in intelligence and features. India is the largest market for AI queries.
Financial analysts expressed skepticism about Meta’s ability to profit from its AI investments, but Zuckerberg emphasized that they are focusing on expanding their reach before monetizing AI.
Meta briefly touched upon Reality Labs, which reported $4.5 billion in quarterly losses despite $353 million in Quest sales.
Reality Labs’ total losses have reached $50 billion since the company began reporting these numbers in Q4 2020.
During the call, Zuckerberg hinted at major announcements at Meta Connect 2024 on September 25. We expect Meta to unveil its AR glasses at the event.
Source: https://www.androidcentral.com/gaming/virtual-reality/meta-q2-2024-earnings