Profits of Facebook India increased by 43 per cent in the last fiscal FY24, driven by digital advertisements and support services the company offers to its US parent Meta.
The India arm of the company had registered a net profit of Rs 505 crore in the last fiscal. According to data from the Registrar of Companies (RoC), the revenue from operations jumped 9.3% to Rs 3,034.8 crore from Rs 2,775.7 crore in FY23.
Overall expenses at Facebook India rose 2.4% to Rs 2,349.6 crore, and employee benefit expenses increased to Rs 476.1 crore. That is a 7.8% jump over FY23.
Other expenses were at Rs 1,435.3 crore. Depreciation and amortisation cost came down by 10.8% to Rs 271.3 crore as against Rs 304.2 crore in FY23. Facebook India's parent company reported weaker-than-expected user numbers and warned of a significant acceleration in its infrastructure expenses in 2025. Meta reported $40.59 billion in revenue in its third-quarter earnings report. Sales rose 19 percent on the year while net profit rose 35 percent to $15.7 billion from $11.6 billion a year ago.
Meta, the parent firm of social media behemoths Facebook and Instagram reported 3.29 billion daily active people during its third quarter, that also marked a 5% year-over-year gain. Meta further increased the capex guidance for its 2024 fiscal year at between $38 billion to $40 billion against an earlier projection of between $37 billion to $40 billion. The firm revealed that capital expenditures were poised to increase significantly more next year, driven by accelerated infrastructure expenses.
"We had a great quarter led by AI breakthroughs on our apps and business, said Mark Zuckerberg, the founder and CEO of Meta. We have also significant momentum in the adoption of Meta AI as well as Llama as well as in the overall glasses vision powered by AI. The investments we've made thus far in our AI endeavors are going to continue needing some serious infrastructures; I also hope to be investing quite profoundly there.
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