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The numbers
$40.58 billion: Meta’s Q3 revenue, up 19% YoY, narrowly topping Wall Street’s $40.3 billion estimate.
96%: The portion of Meta’s Q3 revenue driven by ad sales. This is a slight dip from Q2, when advertising accounted for 97% of its $36.5 billion in total revenue.
$15.69 billion: Net income, up 35% YoY, or $6.03 per share, hitting a quarterly record.
3.29 billion: Average daily active users across Meta apps in September 2024, up 5% YoY.
$48 billion: The top end of Meta’s Q4 revenue forecast, in line with analyst projections.
The water cooler talk
As the AI arms race picks up in Silicon Valley, Meta is ramping up its investments in the technology, especially to strengthen its ad targeting and content recommendation capabilities.
In October, Meta launched new generative AI ad tools focused on video creation.
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