The money earned by Meta, the owner of Instagram, is astounding!

With the end of the first quarter of 2024, companies started to publish their financial reports. Finally, Meta also shared its financial data. So how much money did the company make? Here is Meta ‘s financial report for the first quarter of 2024 and its income…

How much revenue did Meta generate?

According to the shared information , Meta generated a total revenue of 36.46 billion dollars. At this point expectations were for $36.16 billion. The company’s net income was announced as 12.37 billion dollars. This figure has more than doubled compared to the previous year.

While the company’s advertising revenues increased by 27 percent to 35.64 billion dollars, the most curious Reality Labs unit had a revenue of 440 million dollars and a loss of 3.85 billion dollars. Total losses since the end of 2020 have exceeded $45 billion.

Meta , which reduced its sales and marketing costs by 16 percent , expects to generate revenue between $36.5 billion and $39 billion in the second quarter of the year . We will see together whether the company can achieve its goal.

Meta has been spending a lot of time on artificial intelligence studies lately. For example, the company recently introduced Meta AI, a rival to ChatGPT developed by OpenAI . In fact, it has already started working to integrate this chat bot into social media platforms Instagram, Facebook and WhatsApp.

In addition, the company also made an agreement with semiconductor manufacturer Qualcomm that will make smartphones smarter . For this reason, the company seems to make a name for itself in the coming periods.

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