Meta Platforms, Inc. Q2 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Facebook Q2 2021 Earnings Summary

Key Financial Highlights

  • Total revenue reached $29.1 billion, up 56% year-over-year. This compares to Q2 2020’s significantly pandemic-impacted baseline, creating strong growth comps.
  • Advertising revenue was $28.6 billion, also up 56% and driven by strong pricing (average price per ad rose 47%), while impressions grew 6%.
  • Other revenue, largely from Quest 2, increased 36% to $497 million, although growth slowed due to seasonality and a Quest 2 face-interface recall adjustment.
  • Operating income was $12.4 billion for a 43% margin. Net income was $10.4 billion, or $3.61 per share.
  • Total expenses grew 31% to $16.7 billion, driven by hiring, infrastructure, and consumer hardware.
  • Free cash flow was $8.5 billion. The company repurchased $7.1 billion in stock and ended the quarter with $64.1 billion in cash and marketable securities.
  • CapEx was $4.7 billion; full-year CapEx guidance remains $19–21 billion.

User & Engagement Metrics

  • Daily Active Users (DAUs) increased 7% to 1.91 billion (up 123 million YoY).
  • Monthly Active Users (MAUs) rose 7% to 2.9 billion (up 194 million YoY).
  • Family Daily Active People (DAP) reached 2.8 billion; monthly reached 3.5 billion.

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Operator: Good afternoon. My name is France [ph], and I will be your conference operator today. At this time, I would like to welcome everyone to the Facebook Second Quarter 2021 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] This call will be recorded. We thank you very much. Ms. Deborah Crawford, Facebook's Vice President of Investor Relations, you may begin. Deborah Crawford: Thank you. Good afternoon, and welcome to Facebook second quarter earnings conference call. Joining me today to discuss our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and Dave Wehner, CFO. Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today's press release and in our quarterly report on Form 10-Q filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events. During this call, we may present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The

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