The Latest Quarterly Results of Big Tech Giants: What Do They Reveal?

Get the inside scoop on the latest quarterly results of Big Tech giants and what they reveal about the industry’s direction and innovation

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META

Meta’s reported a strong quarter in terms of business. According to Mark Zuckerberg, CEO of Meta, there are currently over 3.2 billion users on at least one of the Meta platforms every day. In the United States, Whatsapp has over 100 million monthly active users, and the company’s global app growth is still strong year over year. 

Meta’s Q2 2024 revenue climbed by 22% compared to Q2 2023, primarily due to a robust worldwide demand for its advertising platforms. The business intends to keep spending money on AI to dramatically improve its offerings. In addition, Meta introduced Meta AI, which is on course to meet its objective of being the most popular AI assistant by year’s end. In addition, the tech behemoth introduced AI studio, which lets users design artificial intelligence for use in its apps. 

By numbers,

  • Revenue was $39.1 billion, up 22% year-on-year.
  • Family of apps revenue was $38.7 billion, up 22% year-over-year.
  • Family of Apps ad revenue was $38.3 billion 22% or 23%.
  • Ad Impressions served across services and average price per ad both increased by 10%.
  • Threads are about to hit 200 million monthly actives.

The social media giant is still very much focused on artificial intelligence, and it is prepared to invest a substantial sum of money in Llama 4, its most recent large language model (LLM). When Llama 4 is released, it is already slated to be the most sophisticated model in the market. It is likely that 10 times as much compute would be required to train Llama 4 as was used to train Llama 3.

 

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OMNICOM MEDIA GROUP

Omnicom Media Group released Q2 results that exceeded expectations. The achievement was attributed to the solid expansion in its advertising and media domain, as companies increased their expenditures in anticipation of the US presidential election and the Paris Olympics.

The surge in experiential marketing can be attributed to the robust demand from consumers for live events and brand experiences. Furthermore, Omnicom’s media and advertising performance is anticipated to improve in the second half of the year due to a new contract with General Motors. 

By numbers,

  • Revenue reported increased $3.8 billion with organic growth of 5.2%.
  • Advertising and Media were up 7.8% in organic growth.
  • Public relations was up 0.2% in organic growth.
  • Branding and Retail Commerce were down 3.8%

With $431.5 million in sales, the APAC region’s organic growth decreased by 0.1%. Of the two regions that saw a decline, the other being Other North America, was the APAC region. Additionally, Omnicom just unveiled ArtBotAI, a cutting-edge content platform made to produce large amounts of excellent content. 

 

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ALPHABET

Google’s parent company, Alphabet, reported its second quarter earnings that were in line with analysts’ revenue expectations. However, they missed out on YouTube advertising revenue. Strong demand for its cloud computing services and an increase in sales of digital advertising were the main drivers of the outcomes. Additionally, the quarter demonstrated continued momentum in cloud and search advancements.

The data highlights the strong demand for digital advertisements, which is being fueled by the Olympics in Paris and elections in a number of nations, including the United States. Meanwhile, a rebound in business spending is propelling the company’s software division.

By numbers,

  • Revenue reported was $84.7 billion, up 14%.
  • Google Search and other advertising revenues up 14% to $48.5 billion.
  • YouTube advertising revenues of $8.7 billion were up 14%.
  • Network advertising revenue were down 5% to $7.4 billion.
  • Google Cloud segment revenues were $29.7 billion, up 29%.

Strong watch time growth, viewer and advertiser innovation, and a move in brand advertising budgets from linear TV to YouTube are all contributing factors to CTV’s continued success on the platform. The company stated that billions of dollars have already been made by its generative AI solutions and AI infrastructure for cloud clients.

 

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SNAP INC

Snapchat released its second-quarter earnings report, showing notable growth in a number of metrics. However, the revenue fell slightly short of expectations, leading to an uneven set of results. As a strategic advantage, the social media behemoth claims that its emphasis on visual communication between friends and family has allowed it to reach over 75% of 13 to 34-year-olds in over 25 countries.

In Q2, Snap is also expanding and strengthening its relationship with its content platform. According to the company, it is using generative AI and machine learning to help its community build meaningful relationships and provide interesting product experiences.  

By numbers,

  • Revenue increased 16% Y-o-Y to $1,237 million.
  • Daily Active Users increased 9% year-over-year or 36 million, to 432 million.
  • Monthly Active Users reached 850 million in Q2.
  • Snapchat+ reached 11 million subscribers in Q2.

Snapchat will continue to invest in machine learning models to improve content engagement, ranking, and personalization across all content surfaces. To deliver pertinent AR content and customize the AR experience, the company will keep refining its AR ranking algorithm. For the purpose of creating ML and AI Lenses, such as our Gen AI lens Scribble World, which has received over a billion views, and our 90s AI lens, Snapchat will keep investing in Generative AI models and automation.

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MICROSOFT

Microsoft reported fourth and final quarter results that were better than anticipated, but cloud results were underwhelming. Furthermore, the gaming business expanded significantly, while the AI business struggled to meet market expectations. Analyst predictions for the company’s Intelligent Cloud division, which includes Azure services, were not met.

The new Copilot Plus PCs from Microsoft were released at the end of the fourth quarter. The majority of gaming industry revenues were once again derived from Activision Blizzard. LinkedIn Marketing Solutions persisted in serving businesses with B2B digital advertising, assisting them in reaching the appropriate audience with the appropriate message.  

By numbers,

  • Revenue was $64.7 billion, up 15%.
  • Intelligent Cloud segment revenue was up 19% to $28.5 billion.
  • LinkedIn revenue increased 10%.
  • Microsoft 365 subscriptions grew 10% to $82.5 million.
  • Microsoft Cloud revenue was $36.8 billion, up 21%.
  • Search and news advertising revenue ex-TAC increased 19%

The business predicts that Azure will continue to be the main source of revenue, albeit with some quarterly volatility due to per-user business. Microsoft’s cloud unit is battling with Amazon Web Services and Google for artificial intelligence workloads. 

 

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APPLE

Apple posted its revenue for the third quarter, surpassing the expectations of Wall Street. Apple revealed revolutionary updates for Apple Intelligence as well as other platforms. Years of research and development in AI and machine learning are incorporated into Apple Intelligence. With the iPhone making up nearly 46% of Apple’s overall sales, it continues to be the company’s most significant product.

Additionally, Apple unveiled the new iPad Air and Pro, which with the M4 chip push the limits of power-efficient performance. Apple CEO Tim Cook also mentioned that the company unveiled new features to give customers more ways to utilize its products in honor of Global Accessibility Awareness Day. These include vocal shortcuts, eye tracking for users, and music haptics, which give hearing-impaired people a tactile way to experience music. 

By numbers,

  • Revenue was up 5% year-over-year to $85.8 billion.
  • iPad revenue was $7.2 billion, 24% higher year-over-year.
  • Mac revenues were up 2% Y-o-Y, to $7 billion.
  • iPhone revenues was $39.3 billion, down 1% year-over-year.
  • Wearables, home, and accessories revenues was $8.1 billion, down 2% Y-o-Y.
  • Services revenues was recorded $24.2 billion, up 14% year-over-year. 

The business anticipates double-digit service growth at a pace akin to that of the first three quarters. The business will keep devoting substantial resources to AI research and development in order to realize the technology’s full potential

 

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AMAZON

For the second quarter, Amazon’s revenue was lower than anticipated. According to the company, even though Google, Microsoft, and Oracle are competitors, AWS has been expanding more quickly than Amazon overall as more companies move their workloads to the cloud and increase their AI spending.

However, as competition heats up—largely from discounts from websites like Shein and Temu—Amazon still has to contend with slow growth in its core retail business. Due to the company’s introduction of new products and increasing market share in the digital ad space, the advertising division has become one of the largest sources of profits. The majority of advertising revenue came from sponsored advertisements. 

By numbers,

  • Revenue reported was $148 billion, up 11% Y-o-Y.
  • AWS revenue growth accelerated 18.1% in Q2 from 17.2% in Q1.
  • Advertising revenue added $2 billion Y-o-Y .

Additionally, Amazon and the Australian government announced a strategic partnership worth AUD 2 billion, whereby Amazon will supply a “Top Secret” AWS Cloud to improve the defense and intelligence capabilities of the country. 

Read More: Deciphering Big Tech Giants’ Quarterly Results: Here’s What They Say!

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About Netra

Netra is a Dual Masters graduate in International Business and Marketing. She is a content-writing enthusiast and a social media addict. In her downtime, you will find her headbanging to Pop songs from around the world. She is also a sports fanatic and especially loves F1, Volleyball, and Cricket. Her hobbies are baking and watching Anime.

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