Meta’s ad revenue increased 27% in Q1 2024, a significant improvement over the 4% growth it saw in the same quarter a year ago.
Advertising revenue was $35.6 billion in Q1 2024 compared to $28.1 billion in Q1 2023. This success helped drive total Meta revenue to grow 27% year-on-year from $28.6 billion in Q1 2023 to $46.4.1 billion in Q1 2024.
By the numbers. Across Meta’s “family of apps” (Facebook, Instagram, Messenger, WhatsApp), year-over-year:
Meta search advertising. Could Meta AI bring in search advertising dollars at some point in the future? Zuckerberg was asked this question during the earnings call, given Meta AI assistant now includes search results from Google and Microsoft Bing:
AI investments. Meta is accelerating AI investments, with plans to spend between $35 million and $40 billion this year. Also:
Threads. With 150 million monthly active users, Threads now has more users than X. This is likely why Meta is reportedly looking to launch ads in Threads later this year.
Why we care. Meta had strong advertising growth, perhaps a good sign for the industry. We’ll know more as Google and Microsoft are set to report earnings today.