Meta Platforms, Inc. (NASDAQ:META) is one of the world’s largest technology companies. It owns popular social media platforms like Facebook, WhatsApp, Instagram, and Threads.
Around 3.2 billion people use at least one Meta app daily. The company’s shares returned an impressive 71% in 2024. This outperformed the broader market thanks to strategic changes, AI progress, and streamlined operations.
Meta also appeals to investors due to strong finances and shareholder returns. On October 30, Meta reported Q3 2024 results. Revenue was $40.59 billion, up 19% from last year.
Operating income was $17.4 billion, a 43% margin. Net income grew 35% to $15.7 billion.
meta’s impressive financial performance
EPS of $6.03 beat estimates of $5.25. CEO Mark Zuckerberg said Meta’s AI advances drove the results. The company saw strong adoption of Meta AI and Llama.
Ad revenue was $39.9 billion, up 18%, making up 98.3% of total revenue. Meta keeps growing ad sales despite the global slowdown. Meta generated $15.52 billion in Q3 free cash flow.
It bought back $8.86 billion in stock and paid $1.26 billion in dividends. Wall Street rates Meta a Strong Buy. ChatGPT predicts Meta stock could make investors wealthy in 10 years.
The company’s ability to innovate and lead in tech shows its long-term potential. Investors are watching Meta’s AI moves as possible game-changers.