Meta's metaverse division is in the red for 672 billion yen, but overall profits are up 73% year-on-year to about 2 trillion yen. The company is already developing 'Llama 4' and plans to expand its AI infrastructure.
Meta announced its financial report for the second quarter of 2024 (April to June) on Wednesday, July 31, 2024.
Meta - Meta Reports Second Quarter 2024 Results
Meta's Reality Labs posts $4.5 billion loss in second quarter
https://www.cnbc.com/2024/07/31/metas-reality-labs-posts-4point5-billion-loss-in-second-quarter.html
Meta reports $39 billion in revenue for Q2 earnings as AI spend ramps - The Verge
https://www.theverge.com/2024/7/31/24210786/meta-earnings-q2-2024-ai-llama-zuckerberg
Meta's second-quarter 2024 revenue increased 22% year-over-year to $39.071 billion (approximately 5.85 trillion yen), and profits increased 73% year-over-year to $13.465 billion (approximately 2.2 trillion yen).
Revenues by division were $38.329 billion for the advertising division, $38.718 billion for the Family of Apps division, which is responsible for Facebook, Instagram, Messenger, WhatsApp, etc., and $353 million for the Reality Labs division, which is responsible for VR and the metaverse. Of these, the Reality Labs division recorded a loss of $4.488 billion. Meta said, 'We expect the loss for the entire year of 2024 to be significantly higher than the previous year as the Reality Labs division continues to develop products and expand the ecosystem.'
Meta is committed to AI research and development, and released the high-performance AI model 'Llama 3.1' in July 2024. In order to strengthen AI development capabilities, it is essential to strengthen the AI processing infrastructure. For this reason, Meta estimates capital expenditures in 2024 to be $37 billion to $40 billion (approximately 5.54 trillion to 6 trillion yen), and states, 'At this time, we expect capital expenditures to increase significantly in 2025.'
Meta releases 'Llama 3.1', an AI model that surpasses GPT-4 - GIGAZINE
In addition, CEO Mark Zuckerberg said in the phone call that 'Llama 4 is scheduled to be released in 2025, and we have already started preparing for learning.' He also expressed his enthusiasm for developing 'next-generation glasses-type AI devices.'
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