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Total ad impressions on Meta’s apps surge by 10% YoY

Meta reported strong Q2 2024 results, with user numbers rising to 3.27 billion and revenue up 22% to $39.07 billion. AI-driven recommendations boosted engagement on Facebook and Instagram.

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In Meta’s Q2 earnings announcement, the company highlighted strong increases in both users and revenue, with AI playing a key role.

User growth

Meta's “Family Daily Active People” rose to 3.27 billion in Q2, marking a 7% year-over-year increase. Meta added 30 million users across its apps, though specific user activity per app remains undisclosed due to the company reporting only collective “Family” performance results for Facebook, Instagram, Messenger, and WhatsApp. Notably, WhatsApp usage in the U.S. has surged recently.

AI and user engagement

Facebook and Instagram usage has been bolstered by Meta’s AI-driven recommendations, which now display more video clips from profiles that users do not follow. This has led to increased time spent on the apps, despite some user dissatisfaction. The Threads app, similar to Twitter, has also steadily gained user traction.

Revenue increase

Meta reported $39.07 billion in revenue for the quarter, a 22% increase year-over-year. Revenue growth was strong in key markets (U.S. and Europe) and new regions, despite fewer ad opportunities on WhatsApp. Total ad impressions across Meta’s apps increased by 10% year-over-year, with the average price per ad also rising by 10%.

Investments and expenses

Meta continues to invest heavily in AI and VR, with a $4.5 billion loss in its Reality Labs VR division for the period. Total costs and expenses rose 7% to $24.22 billion, impacted by investments in a new AI data center.

Future outlook

Meta is focusing on integrating generative AI into VR creation, aiming to simplify the process and boost interest in its metaverse vision. Upcoming AR glasses, developed in partnership with EssilorLuxottica, are expected to be more practical than competitors.

While Meta's current results are weighed down by these investments, they are seen as paving the way for future opportunities. Continued regulatory challenges are anticipated, but the company remains optimistic about its direction. 

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