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On Wednesday, Meta, the parent company of Facebook, Instagram, and WhatsApp, revealed impressive financial results for 2024, showcasing substantial growth in both profits and revenue.
The company reported a striking 59 percent increase in net income, totaling $62.36 billion for the year. In the fourth quarter, profits rose by 49 percent to reach $20.84 billion. Overall, Meta's revenue hit $164.5 billion, marking a 22 percent increase compared to 2023. This growth was fueled by a resurgence in advertising, with ad prices climbing 10 percent and impressions increasing by 11 percent across its platforms. Additionally, Meta outlined ambitious plans to bolster its artificial intelligence capabilities in the upcoming year.
"We continue to make good progress on AI, glasses, and the future of social media," CEO Mark Zuckerberg said, expressing optimism about scaling these initiatives in 2025. The solid performance comes amid significant shifts in Meta's content policies intended to endear the company to US President Donald Trump.
The company recently announced the end of its US fact-checking program aimed at combating misinformation, a move that followed criticism from conservative voices who viewed such efforts as censorship.
Meta has also scaled back diversity initiatives and relaxed content moderation rules on its platforms, particularly regarding certain forms of speech -- changes that could potentially concern major advertisers who are wary of having their ads appear alongside divisive content.
The company's user base continued to grow, reaching 3.35 billion daily active users across its platforms in December 2024, a 5 percent increase year-over-year.
Looking ahead, Meta plans massive infrastructure investments, with expected capital expenditures of $60-65 billion for 2025, primarily supporting AI initiatives. Total expenses are projected to reach $114-119 billion.
"In AI, I expect this is going to be the year when a highly intelligent and personalized AI assistant reaches more than 1 billion people, and I expect Meta AI to be that leading Assistant," Zuckerberg said.
The company expanded its workforce by 10 percent to 74,067 employees in 2024, with plans for further growth in technical roles focused on AI development and infrastructure.
While Meta's stock has performed strongly, the company faces both regulatory challenges and emerging competition.
