Meta reported a 23% year-on-year rise in revenues for the second quarter of 2024 (in constant currencies) to 39.1 billion US dollars. Capital expenditure rose 33% to 8.17 billion dollars. That equates to a capital intensity of almost 21%.
Meta anticipates its full-year 2024 capital expenditures will be between 37 billion and 40 billion dollars, and it expects significant capex growth in 2025, "as we invest to support our AI research and our product development efforts."
Mark Zuckerberg, CEO of Meta, again highlighted the stronger than expected sales of Ray-Ban Meta glasses "thanks in part to AI." He said that "demand is still outpacing our ability to build them, but I'm hopeful that we'll be able to meet that demand soon. EssilorLuxottica has been a great partner to work with on this, and we're excited to team up with them to build future generations of AI glasses as we continue to build our long term partnership."
He went on to suggest that the glasses need to be significantly better to go mainstream: "Compared to, I think, what it needs to be, to be like a really leading piece of consumer electronics, I think we're still early, but all the signs are good."
Zuckerberg also said that Quest 3 sales are outpacing Meta's expectations. "In addition to gaming, people are increasingly taking advantage of Quest's capabilities as a general computing platform, spending time watching videos, browsing websites, extending their PC via virtual desktop, and more."
Within Meta's Reality Labs segment, revenue was 353 million dollars for the quarter, up 28% driven primarily by Quest headset sales. But Reality Labs expenses were 4.8 billion dollars, up 21% year-over-year. Source: Meta's collateral
Reporting its quarterly results, chipmaker Qualcomm added: "We remain excited about the continued positive momentum in XR (extended reality), particularly the success of Meta’s Ray-Ban smart glasses. Sales are exceeding our expectations, due in part to the integration of Llama (Meta's AI model), and we foresee an acceleration in demand for extended and mixed reality devices as new use cases enabled by generative AI gain scale." Source: Qualcomm results
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