Meta Platforms, Inc. (Nasdaq: META) released its financial results for the third quarter of 2024, highlighting a robust performance that reflects the company's strategic focus on artificial intelligence (AI) and its expanding suite of applications. Mark Zuckerberg, the founder and CEO of Meta, expressed optimism about the company’s momentum, particularly in relation to the adoption of AI technologies and products, including Meta AI and Llama, as well as innovative AI-powered glasses.

For the quarter ending September 30, 2024, Meta reported total revenue of $40.59 billion, marking a 19% increase from $34.15 billion during the same period in 2023. This growth can be attributed to various factors, including a 7% rise in ad impressions across its Family of Apps and an 11% increase in the average price per ad. Notably, when adjusted for constant currency, revenue growth would have been even more pronounced at 20%.

In terms of expenses, Meta's costs rose to $23.24 billion, up 14% year-over-year. Despite this increase, the company saw a significant boost in operational income, which surged 26% to $17.35 billion, leading to an operating margin improvement from 40% to 43%. The effective tax rate also decreased, falling from 17% in Q3 2023 to 12% this quarter, contributing to an impressive net income of $15.69 billion, a 35% increase compared to $11.58 billion the previous year.

Meta's diluted earnings per share (EPS) also reflected this financial success, rising to $6.03 from $4.39 in the same quarter last year, showcasing a 37% increase. The company's family of apps continues to engage users effectively, with daily active people (DAP) averaging 3.29 billion in September 2024, which represents a 5% growth year-over-year.

The capital expenditures for the quarter reached $9.20 billion, which included significant investments in infrastructure and technology. Meta's capital return program remains strong, with share repurchases amounting to $8.86 billion and dividend payments totaling $1.26 billion during the quarter.

Looking ahead, Meta has projected fourth-quarter revenue to fall within the range of $45 to $48 billion, indicating continued confidence in its growth trajectory. The company expects full-year expenses to be between $96 and $98 billion, slightly adjusted from previous estimates. Furthermore, it anticipates a significant increase in operating losses for its Reality Labs division, a sector focused on augmented and virtual reality, due to ongoing product development and expansion efforts.

Despite the positive financial outlook, Meta acknowledges the complexities of the regulatory landscape, particularly in the European Union and the United States. The company is committed to navigating these challenges while continuing to innovate and invest in its technology ecosystem.

Meta's commitment to connecting people and communities through its platforms remains steadfast, and with ongoing advancements in AI, the company aims to redefine social technology beyond traditional 2D screens, venturing into more immersive experiences.

As Meta moves forward, its strategic focus on AI and user engagement positions it well for future growth, reinforcing its role as a leader in the tech industry.