Meta Platforms Files Q3 2024 10-Q

Ticker: META · Form: 10-Q · Filed: Oct 31, 2024 · CIK: 1326801

Meta Platforms, Inc. 10-Q Filing Summary
FieldDetail
CompanyMeta Platforms, Inc. (META)
Form Type10-Q
Filed DateOct 31, 2024
Risk Levelmedium
Pages16
Reading Time19 min
Key Dollar Amounts$0.000006
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, earnings, financials, reporting

Related Tickers: META

TL;DR

Meta's Q3 2024 10-Q is in! Get the latest on revenue, expenses, and growth.

AI Summary

Meta Platforms, Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter of 2024, detailing financial performance and operational updates. Key financial figures and business segments are presented, reflecting the company's ongoing activities and strategic direction.

Why It Matters

This filing provides investors and analysts with the latest financial and operational data for Meta Platforms, Inc., crucial for understanding the company's performance in the social media and technology sectors.

Risk Assessment

Risk Level: medium — As a large, publicly traded technology company, Meta Platforms faces inherent risks related to market competition, regulatory changes, and technological advancements.

Key Numbers

  • 2024-09-30 — Reporting Period End Date (The 10-Q covers financial data up to this date.)
  • 2024-10-31 — Filing Date (The date Meta Platforms, Inc. submitted this 10-Q to the SEC.)

Key Players & Entities

  • Meta Platforms, Inc. (company) — Filer of the 10-Q report
  • 2024-09-30 (date) — End of the reporting period
  • 2024-10-31 (date) — Date the filing was made
  • Facebook Inc (company) — Former company name

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is the quarter ended September 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on October 31, 2024.

What was Meta Platforms, Inc.'s former company name?

Meta Platforms, Inc.'s former company name was Facebook Inc.

What is the fiscal year end for Meta Platforms, Inc.?

The fiscal year end for Meta Platforms, Inc. is December 31.

What is the primary SIC code listed for Meta Platforms, Inc.?

The primary SIC code listed for Meta Platforms, Inc. is 7370, which falls under SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC.

Filing Stats: 4,689 words · 19 min read · ~16 pages · Grade level 17.9 · Accepted 2024-10-30 19:54:51

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— Sept ember 30, 2024 and December 31, 20 23 6 Condensed Consolidated Statements of Income—for the three and nine months ended September 30, 2024 and 20 23 7 Condensed Consolidated Statements of Comprehensive Income—for the three and n ine months ended September 30, 2024 and 20 23 8 Condensed Consolidated Statements of Stockholders' Equity—for the three and nine months ended September 30, 2024 and 20 23 9 Condensed Consolidated Statements of Cash Flows—for the nine months ended Septem ber 30, 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 31 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 48 Item 4.

Controls and Procedures

Controls and Procedures 48

—OTHER INFORMATION

PART II—OTHER INFORMATION 49 Item 1.

Legal Proceedings

Legal Proceedings 49 Item 1A.

Risk Factors

Risk Factors 55 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 91 Item 5. Other Information 91 Item 6. Exhibits 92

SIGNATURES

SIGNATURES 93 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 number of shares and par value) (Unaudited) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 43,852 $ 41,862 Marketable securities 27,048 23,541 Accounts receivable, net 14,700 16,169 Prepaid expenses and other current assets 5,467 3,793 Total current assets 91,067 85,365 Non-marketable equity securities 6,071 6,141 Property and equipment, net 112,162 96,587 Operating lease right-of-use assets 14,812 13,294 Goodwill 20,654 20,654 Other assets 11,642 7,582 Total assets $ 256,408 $ 229,623 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 7,656 $ 4,849 Operating lease liabilities, current 2,016 1,623 Accrued expenses and other current liabilities 23,658 25,488 Total current liabilities 33,330 31,960 Operating lease liabilities, non-current 18,208 17,226 Long-term debt 28,823 18,385 Long-term income taxes 9,171 7,514 Other liabilities 2,347 1,370 Total liabilities 91,879 76,455 Commitments and contingencies Stockholders' equity: Common stock, $ 0.000006 par value; 5,000 million Class A shares authorized, 2,180 million and 2,211 million shares issued and outstanding, as of September 30, 2024 and December 31, 2023, respectively; 4,141 million Class B shares authorized, 344 million and 350 million shares issued and outstanding, as of September 30, 2024 and December 31, 2023, respectively — — Additional paid-in capital 80,749 73,253 Accumulated other comprehensive loss ( 1,192 ) ( 2,155 ) Retained earnings 84,972 82,070 Total stockholders' equity 164,529 153,168 Total liabilities and stockholders' equity $ 256,408 $ 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 Sep

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