Did META's Q3 2024 earnings meet expectations?

Meta Platforms Inc. (META) exceeded expectations in its Q3 2024 earnings report, showcasing robust financial performance across key metrics:

1. **Revenue Performance**:
- Meta reported a total revenue of $40.59 billion for Q3 2024.
- This marked a 19% year-over-year increase in revenue.
- The company's revenue exceeded analyst estimates of $40.29 billion.

|code|Ticker|Name|Date|Total Revenue|Net Income|Diluted EPS|market_code|
|---|---|---|---|---|---|---|---|
|META|META.O|Meta|2023 Q4|4.0111E10|1.4017E10|5.33|185|
|META|META.O|Meta|2024 Q1|3.6455E10|1.2369E10|4.71|185|
|META|META.O|Meta|2024 Q2|3.9071E10|1.3465E10|5.16|185|
|META|META.O|Meta|2024 Q3|4.0589E10|1.5688E10|6.03|185|

2. **Net Income Growth**:
- Meta reported a net income of $15.69 billion for the quarter.
- This represents a 35% increase from the same quarter in the previous year.
- The net income exceeded analyst expectations.
3. **Earnings Per Share (EPS)**:
- The diluted EPS for Meta in Q3 2024 was $6.03.
- This EPS exceeded analyst estimates of $5.25.
- The company demonstrated a significant year-over-year growth in EPS, with a 37% increase.

|code|Ticker|Name|Date|Net Income YoY|Total Revenue YoY|Diluted EPS YoY|market_code|
|---|---|---|---|---|---|---|---|
|META|META.O|Meta|2023 Q4|201.31126397248497|24.703870666873932|202.84090909090912|185|
|META|META.O|Meta|2024 Q1|116.65790856542301|27.26479315761913|114.09090909090907|185|
|META|META.O|Meta|2024 Q2|72.89419619928094|22.100690646582706|73.15436241610739|185|
|META|META.O|Meta|2024 Q3|35.43986877320211|18.868974404029753|37.35763097949888|185|

4. **Operating Margin and Profitability**:
- Meta's operating margin improved to 43%, up from 40% in the same quarter last year.
- The company's profit margin increased to 39%, driven by higher revenue.
5. **Investment and Strategic Focus**:
- Meta continued to invest heavily in infrastructure and technology, with capital expenditures amounting to $9.20 billion.
- The company maintained its guidance for full-year 2024 capital expenditures in the range of $38-$40 billion.

In conclusion, Meta Platforms Inc. (META) not only met but surpassed market expectations in its Q3 2024 earnings, demonstrating strong revenue growth, increased profitability, and strategic investments in key areas such as artificial intelligence and infrastructure.