Sharp Daily
No Result
View All Result
Tuesday, June 24, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home Business

Meta achieves 35.4% increase in net income, driven by AI innovations

Kevin Cheruiyot by Kevin Cheruiyot
October 31, 2024
in Business
Reading Time: 1 min read

On Wednesday 30th August 2024, U.S. social media powerhouse Meta Platforms, Inc. announced improved financial results for the third quarter ending September 30th, 2024. The company’s quarterly revenue increased by 18.9% to USD 40.6 billion in Q3’ 2024, from USD 34.1 billion recorded in Q3’ 2023.

Meta’s quarterly net income rose by 35.4% to USD 15.7 billion in Q3’2024, from USD 11.6 billion in Q3’ 2023. Diluted earnings per share also saw a significant increase by 37.4%, to USD 6.0 in Q3’ 2024, from USD 4.4 per share in Q3’ 2023. These results reflect Meta’s successful strategies and growth initiatives across its ecosystem, which includes popular platforms like Facebook, Instagram, and WhatsApp.

Other Highlights include, the company’s family daily active people (DAP), which represents daily active users across its suite of apps, averaged 3.3 billion in September 2024. Additionally, Meta reported a strong liquidity position with cash, cash equivalents, and marketable securities totaling USD 70.9 billion as of September 30th. The company’s free cash flow reached USD 15.5 billion for the quarter, indicating its financial stability and operational efficiency.

CEO and founder Mark Zuckerberg attributed the quarter’s success to advancements in AI, which have driven improvements across Meta’s applications and overall business. “We had a good quarter driven by AI progress across our apps and business,” Zuckerberg said. “We also have strong momentum with Meta AI, Llama adoption, and AI-powered glasses”, he added.

RELATEDPOSTS

Meta says monetization program not yet expanded to Kenya; creators pre-registered

August 20, 2024
FILE PHOTO: A logo of Meta Platforms Inc. is seen at its booth, at the Viva Technology conference dedicated to innovation and startups, at Porte de Versailles exhibition center in Paris, France June 17, 2022. REUTERS/Benoit Tessier/File Photo

Facebook parent rolls out revenue tools for Kenyan creators

August 6, 2024

Looking ahead, Meta has forecasted fourth-quarter revenue between USD 45.0 billion and USD 48.0 billion. This assumes that foreign currency is approximately neutral to year-over-year total revenue growth, based on current exchange rates.

Previous Post

Blow to Gachagua as three-judge bench clears path for Kindiki’s swearing in

Next Post

Kenya declares Friday holiday for Kindiki’s inauguration

Kevin Cheruiyot

Kevin Cheruiyot

Related Posts

Banking

CBK cuts policy rate by 25 bps to 9.75% from 10.00%

June 12, 2025
Business

Kenya’s coffee sector revitalization

May 19, 2025
Business

How digital tools are transforming youth agribusiness in Kenya

May 19, 2025
Business

Privatization of sugar millers sparks debate

May 15, 2025
Business

Safaricom forecasts earnings boost as Ethiopian losses shrink

May 14, 2025
Business

Kenya’s new digital tax: Impact on businesses and consumers

May 6, 2025

LATEST STORIES

Parliament slashes tax on digital asset trades: What this means for investors

June 23, 2025

Understanding Joint Ventures: A strategic tool in modern business

June 23, 2025

How bushy can a bush safari get?

June 20, 2025

Understanding SPVs

June 20, 2025

Why small investments are a power move

June 20, 2025

Social consequences of the tax relief for gamblers

June 20, 2025

How E-Tendering can reshape public procurement in Kenya

June 20, 2025

Unlocking long-term wealth with the power of compounding

June 19, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024