On July 31, American social media giant Meta Platforms - the parent company of Facebook and Instagram, announced an optimistic revenue and earnings report for the second quarter.

Specifically, in the second quarter of 2024, Meta's total revenue reached 39.07 billion USD, up 22% over the same period last year, of which net profit reached 13.47 billion USD, up 73% compared to 7.79 billion USD in the same period last year. This profit level exceeded market expectations and caused Meta's stock price to increase sharply.

According to the report, the number of daily active users on Meta's apps in June was 3.27 billion, up 7% compared to the same period in 2023.

As of June 30, the company's number of employees was 70,799, down 1% from a year earlier.

As Meta races with Microsoft, Google and other tech companies to become the leader in artificial intelligence (AI), Meta's total expenses increased to $24.22 billion - a 7% increase compared to the same period last year.

Meta founder and CEO Mark Zuckerberg called it a strong quarter. Meta also expects total revenue next quarter to be between $38.5 billion and $41 billion, with capital expenditures for the entire 2024 year in the range of $37 billion to $40 billion.

Additionally, Meta said the company continues to monitor the regulatory landscape, with growing regulatory and regulatory hurdles in the European Union and the United States potentially having a material impact on the company's business and financial results.

According to Mr. Zuckerberg, Meta has released its first high-level open source AI model, and plans to make the Meta AI model the most used virtual assistant in the world by the end of this year.

In the trading session on the same day, Meta's stock price recorded an increase of more than 6%, to 506.91 USD/share./.