Meta Platforms, Inc. Files 10-Q for Period Ending March 31, 2024

Ticker: META · Form: 10-Q · Filed: Apr 25, 2024 · CIK: 1326801

Meta Platforms, Inc. 10-Q Filing Summary
FieldDetail
CompanyMeta Platforms, Inc. (META)
Form Type10-Q
Filed DateApr 25, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$0.000006
Sentimentneutral

Sentiment: neutral

Topics: Meta Platforms, META, 10-Q, Quarterly Report, Financials

TL;DR

<b>Meta Platforms, Inc. (META) filed its Q1 2024 10-Q report on April 25, 2024, detailing financial performance and company information.</b>

AI Summary

Meta Platforms, Inc. (META) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. Meta Platforms, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal executive offices are located at 1 Meta Way, Menlo Park, CA 94025. Meta Platforms, Inc. was formerly known as Facebook Inc. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023.

Why It Matters

For investors and stakeholders tracking Meta Platforms, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, enabling them to assess Meta's performance and make informed investment decisions. The detailed financial statements and disclosures within the 10-Q are crucial for understanding Meta's revenue streams, expenses, and overall financial health, including segment performance.

Risk Assessment

Risk Level: low — Meta Platforms, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant new risks beyond those typically associated with a large technology company.

Analyst Insight

Monitor Meta's upcoming earnings calls and subsequent filings for detailed analysis of the financial results presented in this 10-Q, particularly regarding segment performance and growth trends.

Key Numbers

  • 2024-03-31 — Period of Report (The 10-Q filing is for this period.)
  • 2024-01-01 — Quarter Start Date (The filing covers the period from this date.)
  • 2023-03-31 — Prior Year Period End (Comparative financial data is available for this period.)

Key Players & Entities

  • Meta Platforms, Inc. (company) — Filer name
  • Facebook Inc (company) — Former company name
  • 1 Meta Way, Menlo Park, CA 94025 (location) — Business and mail address
  • 2024-03-31 (date) — Period of report
  • 2024-04-25 (date) — Filing date

FAQ

When did Meta Platforms, Inc. file this 10-Q?

Meta Platforms, Inc. filed this Quarterly Report (10-Q) with the SEC on April 25, 2024.

What is a 10-Q filing?

A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Meta Platforms, Inc. (META).

Where can I read the original 10-Q filing from Meta Platforms, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Meta Platforms, Inc..

What are the key takeaways from Meta Platforms, Inc.'s 10-Q?

Meta Platforms, Inc. filed this 10-Q on April 25, 2024. Key takeaways: Meta Platforms, Inc. filed a 10-Q report for the period ending March 31, 2024.. The filing covers the first quarter of 2024.. The company's principal executive offices are located at 1 Meta Way, Menlo Park, CA 94025..

Is Meta Platforms, Inc. a risky investment based on this filing?

Based on this 10-Q, Meta Platforms, Inc. presents a relatively low-risk profile. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant new risks beyond those typically associated with a large technology company.

What should investors do after reading Meta Platforms, Inc.'s 10-Q?

Monitor Meta's upcoming earnings calls and subsequent filings for detailed analysis of the financial results presented in this 10-Q, particularly regarding segment performance and growth trends. The overall sentiment from this filing is neutral.

How does Meta Platforms, Inc. compare to its industry peers?

Meta Platforms operates in the social media and technology sector, focusing on digital advertising, virtual reality, and related services.

Are there regulatory concerns for Meta Platforms, Inc.?

As a publicly traded company, Meta Platforms is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) detailing its financial performance and business operations.

Industry Context

Meta Platforms operates in the social media and technology sector, focusing on digital advertising, virtual reality, and related services.

Regulatory Implications

As a publicly traded company, Meta Platforms is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) detailing its financial performance and business operations.

What Investors Should Do

  1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
  2. Compare the Q1 2024 results with previous quarters and the same quarter last year to identify trends.
  3. Analyze segment performance, particularly Reality Labs, for insights into future growth drivers and challenges.

Key Dates

  • 2024-03-31: Period End Date — Marks the end of the reporting quarter for the 10-Q.
  • 2024-04-25: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the most recent quarterly update for Meta Platforms, Inc., providing current financial data compared to previous periods.

Filing Stats: 4,606 words · 18 min read · ~15 pages · Grade level 17.9 · Accepted 2024-04-24 20:14:19

Key Financial Figures

  • $0.000006 — which registered Class A Common Stock, $0.000006 par value META The Nasdaq Stock Market

Filing Documents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION 6 Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 6 Condensed Consolidated Balance Sheets—March 31, 2024 and December 31, 20 23 6 Condensed Consolidated Statements of Income—for the three months ended March 31, 2024 and 20 23 7 Condensed Consolidated Statements of Comprehensive Income—for the three months ended March 31, 2024 and 20 23 8 Condensed Consolidated Statements of Stockholders' Equity—for the three months ended March 31, 2024 and 20 23 9 Condensed Consolidated Statements of Cash Flows—for the three months ended March 31, 2024 and 20 23 10 Notes to Condensed Consolidated Financial Statements 12 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 4.

Controls and Procedures

Controls and Procedures 44

—OTHER INFORMATION

PART II—OTHER INFORMATION 45 Item 1.

Legal Proceedings

Legal Proceedings 45 Item 1A.

Risk Factors

Risk Factors 50 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 84 Item 5. Other Information 85 Item 6. Exhibits 86

SIGNATURES

SIGNATURES 87 2 Table of Contents NOTE ABOUT FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in Part II, Item 1A, "Risk Factors" in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forwardlooking statements. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, re

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements META PLATFORMS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except for number of shares and par value) (Unaudited) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 32,307 $ 41,862 Marketable securities 25,813 23,541 Accounts receivable, net 13,430 16,169 Prepaid expenses and other current assets 3,780 3,793 Total current assets 75,330 85,365 Non-marketable equity securities 6,218 6,141 Property and equipment, net 98,908 96,587 Operating lease right-of-use assets 13,555 13,294 Goodwill 20,654 20,654 Other assets 8,179 7,582 Total assets $ 222,844 $ 229,623 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 3,785 $ 4,849 Operating lease liabilities, current 1,676 1,623 Accrued expenses and other current liabilities 22,640 25,488 Total current liabilities 28,101 31,960 Operating lease liabilities, non-current 17,570 17,226 Long-term debt 18,387 18,385 Long-term income taxes 7,795 7,514 Other liabilities 1,462 1,370 Total liabilities 73,315 76,455 Commitments and contingencies Stockholders' equity: Common stock, $ 0.000006 par value; 5,000 million Class A shares authorized, 2,192 million and 2,211 million shares issued and outstanding, as of March 31, 2024 and December 31, 2023, respectively; 4,141 million Class B shares authorized, 345 million and 350 million shares issued and outstanding, as of March 31, 2024 and December 31, 2023, respectively — — Additional paid-in capital 75,391 73,253 Accumulated other comprehensive loss ( 2,655 ) ( 2,155 ) Retained earnings 76,793 82,070 Total stockholders' equity 149,529 153,168 Total liabilities and stockholders' equity $ 222,844 $ 229,623 See Accompanying Notes to Condensed Consolidated Financial Statements. 6 Table of Contents META PLATFORMS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share amounts) (Unaudited) Three Months Ended March 31, 20

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