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Meta Platforms Inc. (META+1.62%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The report details the company's financial performance, indicating total revenue of $164.50 billion, an increase of 22% from the previous year. This growth was primarily driven by a 22% increase in advertising revenue.
Meta's Family of Apps segment, which includes Facebook, Instagram, Messenger, and WhatsApp, accounted for the majority of the revenue, with $162.36 billion. Reality Labs, which focuses on virtual and augmented reality, reported revenue of $2.15 billion.
The company reported a net income of $62.36 billion, with a diluted earnings per share of $23.86. The effective tax rate for the year was 12%.
Meta's capital expenditures for the year were $39.23 billion, primarily for investments in data centers and technical infrastructure.
As of December 31, 2024, Meta had $77.81 billion in cash, cash equivalents, and marketable securities, and $28.83 billion in long-term debt.
The report highlights Meta's ongoing investments in artificial intelligence and the metaverse, with a focus on developing new technologies and expanding its infrastructure.
Meta's workforce increased by 10% year-over-year, reaching 74,067 employees as of the end of 2024.
The company declared and paid quarterly cash dividends totaling $2.00 per share during the year, with total dividends and dividend equivalents amounting to $5.07 billion.
Meta continues to face regulatory challenges and legal proceedings, including those related to privacy, data protection, and competition laws.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Meta Platforms Inc. annual 10-K report dated January 30, 2025. To report an error, please email earnings@qz.com.