Meta Platforms delivers upbeat guidance as Q2 results beat estimates; shares jump

Investing.comAug 1, 2024 12:36 AM

Investing.com -- Meta Platforms on Wednesday delivered better-than-expected guidance for the current quarter after reporting second-quarter results that beat analyst estimates on the top and bottom lines.

Meta Platforms Inc (NASDAQ:META) was up more than 5% in afterhours trading.

For the three months ended Jun. 30, the company reported earnings of $5.16 on a share on revenue of $39.07 billion, beating estimates $4.7 and $38.26B, respectively.

Daily active people, or DAP, was 3.27B, up 7% in Q2 from the same period a year earlier.

Looking ahead to Q3, the company guided for total revenue to be in the range of $38.5B to $41B, or $39.75B at the midpoint, beating estimates of $39.09B.

The sanguine outlook on revenue comes as the company lifted the lower range of its annual capital spending outlook to a range of $37B to $40B from $35B to $40B previously, but the total expense guidance for the full-year remained unchanged in a range of $96B to $99B.

The company said, however, that it "expect infrastructure costs will be a significant driver of expense growth next year as we recognize depreciation and operating costs associated with our expanded infrastructure footprint."

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