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(NASDAQ:META) Q1 2024 Earnings Call Transcript\n\n\n HOME\n\n\nMAIL\n\n\nNEWS\n\n\nFINANCE\n\n\nSPORTS\n\n\nENTERTAINMENT\n\n\nLIFE\n\n\nSEARCH\n\n\nSHOPPING\n\n\nYAHOO PLUS\n\n\nMORE...\n\n\nSearch for news, symbols or companies\n\n\nSign in\n\n\nMail\n\n\nS&P 500\n\n\n5,277.51\n+42.03 (+0.80%)\n\n\nDow 30\n\n\n38,686.32\n+574.84 (+1.51%)\n\n\nNasdaq\n\n\n16,735.02\n-2.06 (-0.01%)\n\n\nRussell 2000\n\n\n2,070.13\n+13.53 (+0.66%)\n\n\nCrude Oil\n\n\n77.18\n-0.73 (-0.94%)\n\n\nU.S. markets closed\n\n\nGold\n\n\n2,347.70\n-18.80 (-0\n\n\nMeta Platforms, Inc. (NASDAQ:META) Q1 2024 Earnings\nCall Transcript\n\n\nInsider Monkey Transcripts\nFri, Apr 26, 2024 • 21 min read\n\n\nIn this article:\n\n\nMETA -0.05%\n\n\nMeta Platforms, Inc. (NASDAQ:META) Q1 2024 Earnings Call Transcript April 24, 2024\n\n\nMeta Platforms, Inc. beats earnings expectations. Reported EPS is $4.71, expectations were $4.32.\n\n\nOperator: Good afternoon. My name is Krista and I will be your conference operator today. At this time, I would like to\n\n\nwelcome everyone to the Meta First Quarter Earnings Conference Call. All lines have been placed on mute to prevent any\n\n\nbackground noise. After the speakers' remarks there will be a question-and-answer session. [Operator Instructions] This call will\n\n\nbe recorded. Thank you very much. Ken Dorell, Meta's Director of Investor Relations, you may begin.\n\n\nKenneth Dorell: Thank you. Good afternoon and welcome to Meta Platform's first quarter 2024 earnings conference call.\n\n\nJoining me today to discuss our results are Mark Zuckerberg, CEO; and Susan Li, CFO. Before we get started, I would like to take\n\n\nthis opportunity to remind you that our remarks today will include forward-looking statements. \n\nDocument [2] :\nName of Source File: Meta Platforms, Inc. (NASDAQ_META) Q1 2024 Earnings Call Transcript.pdf\nIt's been a good start to the year both in terms of\n\n\nproduct momentum and business performance. We estimate that more than 3.2 billion people use at least one of our apps\n\n\neach day and we're seeing healthy growth in the US. And I want to call out WhatsApp specifically where the number of daily\n\n\nactives and message sends in the US keeps gaining momentum and I think we're on a good path there. We've also made good\n\n\nprogress on our AI and Metaverse efforts and that's where I'm going to focus most of my comments today. So let's start with AI.\n\n\nWe are building a number of different AI services from Meta AI, our AI assistant that you can ask any question across our apps\n\n\nhttps://finance.yahoo.com/news/meta-platforms-inc-nasdaq-meta-130843596.html\n\n\n1/7\n\f\n\n02/06/2024, 12:08\n\n\nMeta Platforms, Inc. (NASDAQ:META) Q1 2024 Earnings Call Transcript\n\n\nand glasses, to creator AIs that help creators engage their communities and that fans can interact with, to business AIs that we\n\n\nMAIL\n\n\nNEWS\n\n\nFINANCE\n\n\nSPORTS\n\n\nYAHOO PLUS\n\n\nMORE...\n\n\nENTERTAINMENT\n\n\nSHOPPING\n\n\nSEARCH\n\n\n HOME\n\n\nLIFE\n\n\nthink every business eventually on our platform will use to help customers buy things and get customer support, to internal\n\n\ncoding and development AIs, to hardware like glasses for people to interact with AIs and a lot more.\n\n\n\n\nDocument [3] :\nName of Source File: Meta Platforms, Inc. (NASDAQ_META) Q1 2024 Earnings Call Transcript.pdf\nWe are building a number of different AI services from Meta AI, our AI assistant that you can ask any question across our apps\n\n\nhttps://finance.yahoo.com/news/meta-platforms-inc-nasdaq-meta-130843596.html\n\n\n1/7\n\f\n\n02/06/2024, 12:08\n\n\nMeta Platforms, Inc. (NASDAQ:META) Q1 2024 Earnings Call Transcript\n\n\nand glasses, to creator AIs that help creators engage their communities and that fans can interact with, to business AIs that we\n\n\nMAIL\n\n\nNEWS\n\n\nFINANCE\n\n\nSPORTS\n\n\nYAHOO PLUS\n\n\nMORE...\n\n\nENTERTAINMENT\n\n\nSHOPPING\n\n\nSEARCH\n\n\n HOME\n\n\nLIFE\n\n\nthink every business eventually on our platform will use to help customers buy things and get customer support, to internal\n\n\ncoding and development AIs, to hardware like glasses for people to interact with AIs and a lot more.\n\n\nSign in\n\n\nMail\n\n\nLast week, we had the major release of our new version of Meta AI that is now powered by our latest model, Llama 3 and our\n\n\ngoal with Meta AI is to build the world's leading AI service, both in quality and usage. The initial rollout of Meta AI is going well.\n\n\nTens of millions of people have already tried it. The feedback is very positive and when I first checked in with our teams, the\n\n\nmajority of feedback we were getting was people asking us to release Meta AI for them wherever they are. So we've started\n\n\nlaunching Meta AI in some English speaking countries and we'll roll out in more languages and countries over the coming\n\n\nmonths. You all know our product development playbook by this point. \n\nDocument [4] :\nName of Source File: Meta Platforms, Inc. (NASDAQ_META) Q1 2024 Earnings Call Transcript.pdf\nThere are several\n\n\nways to build a massive business here, including scaling business messaging, introducing ads or paid content into AI\n\n\ninteractions and enabling people to pay to use bigger AI models and access more compute. And on top of those. AI is already\n\n\nhelping us improve app engagement, which naturally leads to seeing more ads and improving ads directly to deliver more value.\n\n\nSo if the technology and products evolve in the way that we hope, each of those will unlock massive amounts of value for\n\n\npeople and business for us over time. We are seeing good progress on some of these efforts already. Right now, about 30% of\n\n\nthe posts on Facebook feed are delivered by our AI recommendation system. That's up 2x over the last couple of years and for\n\n\nthe first time ever, more than 50% of the content that people see on Instagram is now AI recommended. AI has also been a\n\n\nhuge part of how we create value for advertisers by showing people more relevant ads. And if you look at our two end-to-end\n\n\nAI powered tools, Advantage+ shopping and Advantage+ app campaigns, revenue flowing through those has more than\n\n\ndoubled since last year.\n\n\nhttps://finance.yahoo.com/news/meta-platforms-inc-nasdaq-meta-130843596.html\n\n\n2/7\n\f\n\n02/06/2024, 12:08\n\n\nMeta Platforms, Inc. (NASDAQ:META) Q1 2024 Earnings Call Transcript\n\n\nWe're also going to continue to be very focused on efficiency as we scale Meta AI and other AI services. \n\nDocument [5] :\nName of Source File: Meta Platforms, Inc. (NASDAQ_META) Q1 2024 Earnings Call Transcript.pdf\nNet income was $12.4 billion or $4.71 per share. Capital expenditures\n\n\nincluding principal payments on finance leases were $6.7 billion driven by investments in servers, data centers and network\n\n\ninfrastructure. Free cash flow was $12.5 billion. We repurchased $14.6 billion of our Class A common stock and paid $1.3 billion\n\n\nin dividends to shareholders ending the quarter with $58.1 billion in cash and marketable securities and $18.4 billion in debt.\n\n\nMoving now to our segment results.\n\n\nI'll begin with our Family of Apps segment. Our community across the Family of Apps continues to grow with approximately 3.2\n\n\nbillion people using at least one of our Family of Apps on a daily basis in March. Q1 total Family of Apps revenue was $36 billion,\n\n\nup 27% year-over-year. Q1 Family of Apps ad revenue was $35.6 billion, up 27% or 26% on a constant currency basis. Within ad\n\n\nhttps://finance.yahoo.com/news/meta-platforms-inc-nasdaq-meta-130843596.html\n\n\n4/7\n\f\n\n02/06/2024, 12:08\n\n\nMeta Platforms, Inc. (NASDAQ:META) Q1 2024 Earnings Call Transcript\n\n\nrevenue, the online commerce vertical was the largest contributor to year-over-year growth followed by gaming and\n\n\nMAIL\n\n\nNEWS\n\n\nFINANCE\n\n\nSPORTS\n\n\nYAHOO PLUS\n\n\nMORE...\n\n\nENTERTAINMENT\n\n\nSHOPPING\n\n\nSEARCH\n\n\n HOME\n\n\nLIFE\n\n\nentertainment and media. On a user geography basis, ad revenue growth was strongest in Rest of World and Europe at 40%\n\n\nand 33%, respectively. Asia-Pacific grew 25% and North America grew 22%. In Q1, the total number of ad impressions served\n\n\nSign in\n\n\nMail\n\n\nacross our services increased 20% and the average price per ad increased 6%.\n\n\n\n\nDocument [6] :\nName of Source File: Meta Platforms, Inc. (NASDAQ_META) Q1 2024 Earnings Call Transcript.pdf\nIn April, we rolled out this unified video experience in the US and Canada, which is increasingly\n\n\npowered by our next generation ranking architecture that we expect will help deliver more relevant video recommendations\n\n\nover time. We're also introducing deeper integrations of Generative AI into our apps in the US and more than a dozen other\n\n\ncountries.\n\n\nAlong with using Meta AI within our chat surfaces, people will now be able to use Meta AI in search within our apps as well as\n\n\nfeed and groups on Facebook. We expect these integrations will complement our social discovery strategy as our\n\n\nrecommendation systems help people to discover and explore their interests while Meta AI enables them to dive deeper on\n\n\ntopics they're interested in. Threads also continues to see good traction as we continue to ship valuable features and scale the\n\n\ncommunity. Now to the second driver of our revenue performance, increasing monetization efficiency. There are two parts to\n\n\nthis work. The first is optimizing the level of ads within organic engagement. Here we continue to advance our understanding of\n\n\nusers' preferences for viewing ads to more effectively optimize the right time, place and person to show an ad to.\n\n\nFor example, we are getting better at adjusting the placement and number of ads in real time based on our perception of a\n\n\nuser's interest in ad content and to minimize disruption from ads as well as innovating on new and creative ad formats. \n\nDocument [7] :\nName of Source File: Meta Platforms, Inc. (NASDAQ_META) Q1 2024 Earnings Call Transcript.pdf\nWe are also starting to see our AI\n\n\nSign in\n\n\nMail\n\n\ninitiatives increasingly overlap with our Reality Labs work.\n\n\nFor example, with Ray-Ban Meta smart glasses, people in the US and Canada can now use our multimodal meta AI assistant for\n\n\ndaily tasks without pulling out their phone. Longer term, we expect Generative AI to play an increasing role in our mixed reality\n\n\nproducts making it easier to develop immersive experiences. Accelerating our AI efforts will help ensure we can provide the\n\n\nbest version of our services as we transition to the next computing platform. We expect to pursue these opportunities while\n\n\nmaintaining a focus on operating discipline and we believe our strong financial position will allow us to support these\n\n\ninvestments while also returning capital to shareholders through share repurchases and dividends. In addition, we continue to\n\n\nmonitor an active regulatory landscape, including the increasing legal and regulatory headwinds in the EU and the US that\n\n\ncould significantly impact our business and our financial results.\n\n\nWe also have a jury trial scheduled for June in a suit brought by the State of Texas regarding our use of facial recognition\n\n\ntechnology, which could ultimately result in a material loss. Turning now to the revenue outlook. We expect second quarter\n\n\n2024 total revenue to be in the range of $36.5 billion to $39 billon. Our guidance assumes foreign currency as a 1% headwind to\n\n\nyear-over-year total revenue growth based on current exchange rates. Turning now to the expense outlook. \n\nDocument [8] :\nName of Source File: Meta Platforms, Inc. (NASDAQ_META) Q1 2024 Earnings Call Transcript.pdf\nOn to tax. Absent any changes to our tax landscape, we expect our full year 2024 tax rate to be in the mid-teens. In\n\n\nclosing, Q1 was a good start to the year. We're seeing strong momentum within our Family of Apps and are making important\n\n\nprogress on our longer term AI and Reality Labs initiatives that have the potential to transform the way people interact with\n\n\nour services over the coming years.\n\n\nWith that, Krista, let's open up the call for questions.\n\n\nSee also\n\n\n20 Countries with the Highest Consumer Spending in the World and\n\n\n12 Countries with the Largest Slum Population in Europe.\n\n\nTo continue reading the Q&A session, please click here.\n\n\n View comments\n\n\nTerms/Privacy Policy\n\n\nPrivacy & Cookie Settings\n\n\nAbout Our Ads\n\n\nhttps://finance.yahoo.com/news/meta-platforms-inc-nasdaq-meta-130843596.html\n\n\n6/7\n\f\n\n02/06/2024, 12:08\n\n\nMeta Platforms, Inc. 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"content": "On to tax. …as\nexcellent.\n\n\nJoin Now\n\n\nAd eToro\n\n\nSign in\n\n\nMail\n\n\nCopy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.\n\n\nComments\n\n\nCommenting on this article has ended\n\n\nLog in Sign up\n\n\nPowered by\n\n\nhttps://finance.yahoo.com/news/meta-platforms-inc-nasdaq-meta-130843596.html\n\n\n7/7",
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Include results determines if the full result is returned as the last delta.
Overview
First check REPO.md to see general contribution guidelines.
We want to add the ability to use a pipeline for search to the PipelineResource. To do that, we will use the search or search_stream endpoint of the deepset platform (when streaming=True).
Context
This is a request to the search endpoint:
Note that you can send multiple queries in one request but we do NOT want to expose that feature in the PipelineResource. We only ever want to send a single query.
You can also add filters and additional params to the request. The additional params are additional inputs for components within the Pipeline we are searching. Below is an example:
This is an example response:
The general structure of the result is that we have answers and documents. For answers, the only required field is
answer. Additional fields may vary.For documents, we always have
contentandmeta. Meta is a dict that can hold any value. score and embedding are optional.Prompts will expose one or more prompts used in the pipeline. It is a mapping of component_name: prompt. Prompts is optional.
_debug holds debug state of the pipeline (outputs and inputs of every component). This can be very long.
This is what full debug output might look like:
For streaming, this is what a request might look like:
Include results determines if the full result is returned as the last delta.
Here is an example of a delta event sent:
Below are some docs on streaming deltas:
resultwill have the same structure as the search endpoint's response.Requirements
search-method to the PipelineResource