Recently, global technology giant Meta released its Q1 2024 financial report. According to disclosure, Meta's revenue for the first quarter ended March 31 was $36.455 billion, a 27% increase from $28.645 billion in the same period last year. Meta Bai stated that this was due to an increase in advertising revenue. The net profit for this quarter was 12.369 billion US dollars, a year-on-year increase of 116.7%.
From the perspective of segmented business, in the first quarter of this year, the company's advertising revenue was 35.64 billion US dollars, a year-on-year increase of 26.8%, while other business revenue was 380 million US dollars, a year-on-year increase of 85.4%; The operating loss of the metaverse business was 3.85 billion US dollars, which narrowed compared to the loss of 3.992 billion US dollars in the first quarter of last year.
In terms of user volume, the average daily active population (DAP) of Meta's family app was 3.24 billion, a year-on-year increase of 7%; The advertising display on the application family increased by 20% year-on-year, and the average price of each advertisement increased by 6% year-on-year.
According to the financial report, as of March 31, the number of employees in the company was 69329, a year-on-year decrease of 10%.
Despite achieving good results in the first quarter of this year, Meta's outlook for the second quarter is not optimistic. The company expects revenue of $36.5 billion to $39 billion in the second quarter, with a median range lower than analysts' expectations of $38.24 billion. In addition, Meta will increase its annual capital expenditure from its previous forecast of $30 billion to $37 billion to $35 billion to $40 billion, and it is expected to continue increasing expenditure next year.
Meta CEO Mark Zuckerberg stated that Meta should significantly increase investment in the coming years to build more advanced models and the world's largest artificial intelligence services. Before we can generate significant revenue from these new products, these expenses must grow meaningfully.
Affected by the expected Q2 performance and increased expenses, Meta's stock price plummeted after hours. However, as of the close on April 26th local time, Meta's stock price has slightly stabilized, rising by 0.43%, with a stock price of $443.290 per share and a total market value of $1.1 trillion.