Facebook India’s net profit up 43 pc to Rs 505 crore in FY24
Facebook India saw its profit surge by 43 per cent in the last fiscal (FY24), riding on digital advertising and support services offered to its parent company Meta in the US.
IANS
Nov 2, 2024 09:23
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New Delhi, Nov 2 (IANS) Facebook India saw its profit surge by 43 per cent in the last fiscal (FY24), riding on digital advertising and support services offered to its parent company Meta in the US.
The company’s India unit saw its net profit reach Rs 505 crore last fiscal. Its revenue from operations increase by 9.3 per cent to Rs 3,034.8 crore in FY24, up from Rs 2,775.7 crore in FY23, as per data from the Registrar of Companies (RoC).
Facebook India’s overall expenses grew 2.4 per cent to Rs 2,349.6 crore and employee benefit expenses increased to Rs 476.1 crore, reflecting a 7.8 per cent increase from FY23.
The "other expenses” category remained stable at Rs 1435.3 crore.
As per the data, depreciation and amortisation costs dropped by 10.8 per cent to Rs 271.3 crore, from Rs 304.2 crore in FY23.
On the other hand, Facebook India’s parent company reported weaker-than-expected user numbers and warned of a significant acceleration in its infrastructure expenses in 2025.
In its third-quarter earnings report, Meta reported $40.59 billion in revenue. Sales in the third quarter jumped 19 per cent year-on-year while net income grew 35 per cent to $15.7 billion from $11.6 billion a year earlier.
The social media giant reported 3.29 billion daily active people for the third quarter — up 5 per cent year-on-year.
Meta also raised capital expenditures guidance for the 2024 fiscal year to between $38 billion and $40 billion, up from $37 billion to $40 billion previously. Additionally, the company said it expects capital expenditures to continue to grow significantly in 2025 due to an acceleration in infrastructure expenses.
"We had a good quarter driven by AI progress across our apps and business," said Mark Zuckerberg, Meta founder and CEO. "We also have strong momentum with Meta AI, Llama adoption, and AI-powered glasses."
“Our AI investments continue to require serious infrastructure, and I expect to continue investing significantly there, too,” Zuckerberg added.
--IANS
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