Meta Q2 Sales Jump 22% in Wall Street Beat as Its AR/VR and Metaverse Business Loses Billions
variety.comTodd Spangler NY Digital Editor Meta‘s social-media empire keeps minting digital-ad dollars — while its metaverse and AR/VR business continues to rack up bigger losses.
The company, which operates apps including Facebook, Instagram and WhatsApp, reported top-line revenue of $39.07 billion (virtually all of it from advertising), up 22% year over year.
Net income was $13.47 billion, or $5.16 per share. Wall Street on average expected revenue of $38.31 billion and EPS of $4.73, according to financial data provider LSEG. “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,” Meta co-founder, CEO and chairman Mark Zuckerberg said in announcing the earnings.
He added, “We’ve released the first 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.” The company said it expects third quarter 2024 total revenue to be $38.5 billion-$41 billion, in line with analyst expectations.
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