Meta Platforms, Inc. reported significant financial growth in its Q3 2024 results, with total revenue reaching $40,589 million, a 19% increase from $34,146 million in Q3 2023. For the nine months ended September 30, 2024, revenue totaled $116,116 million, up 22% from $94,791 million in the same period last year. Advertising revenue, a key driver of the company's income, rose to $39,885 million for the quarter, reflecting a 19% year-over-year increase.
The Family of Apps segment, which includes Facebook, Instagram, and Messenger, generated $40,319 million in revenue for Q3 2024, also a 19% increase from $33,936 million in Q3 2023. Income from operations for this segment was $21,778 million, a 25% increase compared to the prior year. Reality Labs, focused on virtual and augmented reality, reported revenue of $270 million, a 29% increase from $210 million in the same quarter last year.
Net income for Q3 2024 was $15,688 million, compared to $11,583 million in Q3 2023, marking a substantial increase. The earnings per share (EPS) for the quarter were $6.03, up from $4.39 in the previous year. For the nine months ended September 30, 2024, net income was $41,522 million, compared to $25,081 million in the same period in 2023.
Total costs and expenses for Q3 2024 were $23,239 million, up from $20,398 million in Q3 2023. Research and development expenses increased by 21% to $11.36 billion for the quarter, reflecting ongoing investments in AI and other technologies. General and administrative expenses decreased by 10% due to lower legal costs.
Meta's cash and cash equivalents as of September 30, 2024, stood at $43,852 million, an increase from $41,862 million at the end of 2023. The company also reported total assets of $256,408 million, up from $229,623 million at the end of the previous fiscal year.
Strategically, Meta has been focusing on restructuring efforts initiated in 2022, which included laying off approximately 11,000 employees and consolidating facilities. As of September 30, 2024, the company has largely completed these initiatives, resulting in significantly lower restructuring charges compared to the previous year.
In terms of share repurchases, Meta repurchased 65 million shares of Class A common stock for $29.81 billion during the nine months ended September 30, 2024, with $51.28 billion remaining authorized for future repurchases. The company also declared its first-ever quarterly cash dividend of $0.50 per share in February 2024, reflecting a commitment to returning capital to shareholders.
Overall, Meta's financial performance in Q3 2024 demonstrates strong revenue growth, improved profitability, and strategic initiatives aimed at enhancing operational efficiency and shareholder value.
About Meta Platforms, Inc.
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