Facebook's parent Meta sees income, revenue increase in 2nd quarter

By Ovunc Kutlu

ISTANBUL (AA) - Facebook's parent firm Meta Platforms saw its income and revenue increase in the second quarter of this year, according to its financial results statement released Wednesday.

The company, which also owns Instagram and WhatsApp, posted a net income of $13.46 billion for the three months ended June 30, from almost $7.79 billion in the same period of 2023, for a gain of 72.8%.

Revenue increased 22.1% year-on-year to reach $39.07 billion from nearly $32 billion during the same period.

"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 founder and CEO Mark Zuckerberg said in the statement.

"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," he added.

Meta said it expects third-quarter total revenue to be in the range of $38.5 billion - $41 billion, while it estimates 2024 full-year total expenses to be in the range of $96 billion - $99 billion.

However, Reality Labs, formerly Oculus VR, which is a business and research unit of Meta Platforms, saw a net loss of $4.49 billion in the second quarter, after recording a net loss of $3.74 billion in the same period last year.

Amid strong results, Meta's stock price jumped 5.18% in after-hours trading on the Nasdaq.