The following is a summary of the Meta Platforms, Inc. (META) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Meta reported Q1 revenue of $36.5 billion, a 27% increase in both reported and constant currency basis.

• Total expenses for the quarter were $22.6 billion, a rise of 6% from the previous year.

• An operating income of $13.8 billion was reported, reflecting a 38% operating margin.

• Net income was $12.4 billion, or $4.71 per share.

• Capital expenditures, including payments for finance leases, amounted to $6.7 billion.

• Revenue from Meta's Family of Apps was $36 billion, also increasing by 27% year-over-year.

Business Progress:

• Approximately 3.2 billion people now use at least one of Meta's apps daily.

• Significant advancement has been made in AI and Metaverse projects.

• The new Meta AI version, empowered by the Llama 3 model, is performing well and anticipated to facilitate larger-scale AI services over time.

• Meta is ready for substantial infrastructure investment to accommodate growing demand for AI and Metaverse.

• The company highlighted good performances in WhatsApp growth in the US, AI-powered feed recommendations, and Reels.

• The strong momentum within Meta's family of apps and significant progress on long-term AI and Reality Labs initiatives have been reported.

• CapEx estimate has been increased to focus heavily on AI research and product development, both 'core' AI work and 'strategic bets'.

• Meta AI has formed partnerships with Google and Microsoft to incorporate real-time information, planning to transform user interaction by using an AI model as an 'agent' conducting complex tasks.

More details: Meta Platforms IR

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