Meta reports strong Q2 results, highlights AI and user growth

Meta has announced its latest quarterly earnings, showcasing significant advancements in its AI initiatives and user base expansion. According to a recent post by CEO Mark Zuckerberg, Meta AI is projected to become the most widely used AI assistant by the end of the year. Additionally, the company has released the first frontier-level open-source AI model and is experiencing positive traction with its Ray-Ban Meta AI glasses.
The company estimates that over 3.2 billion people are now using at least one of its apps daily, with notable growth in the US. WhatsApp now serves more than 100 million monthly active users in the US, and there is year-over-year growth across Facebook, Instagram, and Threads both domestically and globally.
One of the key highlights is the increase in engagement among young adults on Facebook, particularly in the US. The numbers indicate that efforts to focus on the 18-29 age group are yielding strong results, contradicting some public perceptions about Facebook’s user demographics.
Threads, Meta’s messaging platform, is also performing well, approaching 200 million monthly active users. The platform is showing deeper engagement and a promising trajectory towards becoming a major social app.
AI remains a central theme for Meta, influencing both its family of apps and core business operations. The company has rolled out a full-screen video player and a unified video recommendation service across Facebook, integrating Reels, longer videos, and live content into a single experience. This has enhanced Meta’s unified AI systems, significantly boosting engagement on Facebook Reels.
Meta’s advancements in AI are also transforming its advertising services. The company envisions a future where AI not only predicts audience interest but also generates personalised creative content for advertisers. Over the long term, advertisers will be able to provide a business objective and budget, with AI handling the rest.
The launch of Meta AI has been another milestone. Introduced last quarter, the assistant is on track to become the most used AI assistant by year-end. Meta AI supports a variety of tasks, from information searches to creative functions like the Imagine Yourself feature, which allows users to create custom images. Meta’s vision extends to enabling users to create their own AIs through AI Studio, fostering greater engagement and innovation across its platforms.
The release of Llama 3.1, Meta’s latest AI model, has set new industry standards. This open-source model offers superior cost performance and customisation options, aligning with Meta’s commitment to open-source development. Open-source development is expected to drive safer, faster innovation and create shared prosperity.
Meta’s focus on AI also extends to its metaverse projects. The Ray-Ban Meta glasses have exceeded expectations, partly due to AI integration, while Quest 3 sales are surpassing projections. The company anticipates further growth in this area, with ongoing investments in Reality Labs ensuring readiness for future technological advances.
Meta’s annual Connect conference, scheduled for 25 September, will provide further updates on its AI and metaverse initiatives. The company’s strong performance allows for deep investments in future innovations, supporting long-term goals for community and investor benefits.