Facebook Parent Meta Shares Pop On Strong Q2 Advertising
deadline.comFacebook, Instagram and WhatsApp parent Meta said daily active users across its family of apps rose 7% last quarter to 3.27 billion as ad impressions jumped 10% for total revenue of about $39.1 billion, up 22% and above Wall Street forecasts.
The shares are up about 4% in after-hours trading on the numbers. Digital advertising has been challenging and the company is emerging from a slump.
Average price per ad increased by 10% year-on-year for the three months ended in June. “We had a strong quarter, and Meta AI is on track to be the most used AI assistant in the world by the end of the year,” said the company’s CEO Mark Zuckerberg. “We’ve released the rst frontier-level open source AI model, we continue to see good traction with our Ray-Ban Meta AI glasses, and we’re driving good growth across our apps.” Net income rose to $13.5 billion from $7.8 billion.
Total costs and expenses of $24.2 billion rose 7% year-over-year. Capital expenditures were $8.47 billion. Free cash flow was $10.7 billion last quarter.
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