Mission Statement, Vision, & Core Values (2024) of Meta Platforms, Inc. (META).

An Overview of Meta Platforms, Inc. (META)

General Overview of Meta Platforms, Inc. (META)

Meta Platforms, Inc. (formerly Facebook, Inc.) was founded in 2004 by Mark Zuckerberg, Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes. Originally established as a social networking site, Meta has evolved into a global leader in social media and technology, encompassing various platforms including Facebook, Instagram, Messenger, and WhatsApp.

As of 2024, Meta is focused on creating a robust ecosystem that connects billions of users worldwide. The company offers a range of products and services, primarily centered around social networking, online advertising, and virtual reality. The primary revenue source remains advertising, which leverages user data to deliver targeted ads across its platforms.

In terms of sales, Meta reported total revenue of $116.116 billion for the nine months ending September 30, 2024, marking a 22% increase compared to the same period in 2023.

Company's Financial Performance in the Latest Financial Reports

In the third quarter of 2024, Meta achieved a total revenue of $40.589 billion, reflecting a 19% increase from the previous year. The revenue growth was primarily driven by higher advertising revenue, which increased by 19% to $39.885 billion.

The breakdown of financial performance for the third quarter of 2024 is as follows:

For the nine months ended September 30, 2024, Meta's net income was $41.522 billion, up from $25.081 billion in the same period of 2023, resulting in a growth rate of 65%.

Looking at the company's operational metrics, the Family of Apps (FoA), which includes Facebook, Instagram, Messenger, and WhatsApp, reported an average of 3.29 billion daily active people (DAP) in September 2024, a 5% increase year-over-year.

Introduction to Meta as a Leader in the Industry

Meta Platforms, Inc. stands as a leader in the social media and technology sectors, continuing to innovate and adapt in a rapidly changing digital landscape. The company's extensive reach and engagement across its platforms provide significant advantages in the advertising market, where it captures a substantial share of global ad spending.

Meta's commitment to developing new technologies, including advancements in virtual and augmented reality through its Reality Labs segment, positions it well for future growth. The Reality Labs segment reported revenue of $1.063 billion for the nine months ended September 30, 2024, reflecting a 29% increase from the previous year.

With its robust infrastructure, innovative products, and a vast user base, Meta is well-equipped to maintain its leadership position in the industry, continuously driving forward its mission to connect people and foster community globally.

Mission Statement of Meta Platforms, Inc. (META)

Mission Statement of Meta Platforms, Inc. (META)

Meta Platforms, Inc.'s mission statement is to "give people the power to build community and bring the world closer together." This statement serves as a guiding principle for the company, shaping its long-term goals and strategies in an increasingly digital and interconnected world.

Core Component 1: Empowering Communities

Empowering communities is a fundamental aspect of Meta's mission. This involves creating platforms that facilitate social interactions and connections among users. As of September 30, 2024, the Family of Apps, which includes Facebook, Instagram, Messenger, and WhatsApp, reported an average of 3.29 billion daily active users (DAP), marking a 5% increase year-over-year. This significant user engagement underscores Meta's commitment to fostering community.

Core Component 2: Connecting the World

Meta's mission emphasizes the importance of connection. The company continually innovates to enhance user experience across its platforms. In Q3 2024, total revenue reached $40.59 billion, a 19% increase compared to Q3 2023, primarily driven by advertising revenue. This financial growth indicates how well Meta is connecting users and advertisers, thereby strengthening its ecosystem.

Moreover, the average revenue per person (ARPPU) for the Family of Apps was $12.29 in Q3 2024, reflecting Meta's ability to monetize its user base effectively.

Core Component 3: Innovation and Quality Products

Innovation is at the heart of Meta's mission. The company invests heavily in research and development to enhance its service offerings. In Q3 2024, Meta reported $11.18 billion in research and development expenses, accounting for approximately 27% of total costs. This commitment to innovation supports the development of high-quality products that meet user needs and expectations.

Additionally, capital expenditures for Q3 2024 were reported at $9.20 billion, reflecting ongoing investments in infrastructure and technology. Meta's focus on quality and innovation is crucial for maintaining its competitive edge in the tech industry.

Vision Statement of Meta Platforms, Inc. (META)

Vision Statement Overview

Meta Platforms, Inc. (META) envisions a future where people can connect and share in new and innovative ways. The company's vision focuses on building community and fostering meaningful interactions across its various platforms, including Facebook, Instagram, Messenger, and WhatsApp. This vision is underpinned by a commitment to advancing technology and creating immersive experiences through virtual and augmented reality.

Community Building

At the heart of Meta's vision is the goal of building community. This involves creating spaces where users can engage with one another, share experiences, and foster relationships. Meta emphasizes the importance of safe and inclusive environments to facilitate these interactions. As of September 2024, the average daily active people (DAP) across Meta's platforms reached 3.29 billion, representing a 5% increase compared to the previous year.

Innovative Technology

Meta's vision extends to the development and integration of innovative technologies. The company is heavily investing in artificial intelligence (AI) and immersive technologies to enhance user experience. In the third quarter of 2024, Meta reported capital expenditures of $9.20 billion, with a significant portion allocated to technology development. The focus on AI includes improving content recommendation systems and enhancing advertising tools, which are crucial for maintaining user engagement.

Immersive Experiences

Meta aims to lead in the realm of immersive experiences through its Reality Labs segment. This includes advancements in virtual and augmented reality, which are integral to Meta's long-term strategy. In Q3 2024, Reality Labs generated revenues of $270 million, reflecting a 29% increase year-over-year. The company envisions a metaverse where users can interact in virtual spaces, fundamentally changing how social media is experienced.

Global Connectivity

Another critical component of Meta's vision is promoting global connectivity. The company is committed to ensuring that its platforms are accessible to diverse populations across the globe. As of September 2024, Meta’s revenue from international markets has been growing, with advertising revenue increasing by 19% year-over-year. This growth is vital for Meta as it seeks to expand its reach and influence worldwide.

Ethical Standards and User Privacy

In alignment with its vision, Meta is focused on upholding ethical standards and prioritizing user privacy. The company has faced challenges related to data privacy and regulatory compliance. In response, it has implemented measures to enhance user consent and transparency. The effective tax rate for Q3 2024 was reported at 12%, indicating the company's efforts to manage its financial responsibilities while adhering to legal standards.

Financial Performance Metrics

Conclusion

Through its vision statement, Meta Platforms, Inc. outlines its commitment to fostering community, leveraging innovative technology, and creating immersive experiences while upholding ethical standards and promoting global connectivity. The company's focus on these areas is reflected in its financial performance and user engagement metrics as of 2024.

Core Values of Meta Platforms, Inc. (META)

Core Value: Community

The core value of Community emphasizes the importance of building a vibrant, inclusive platform where people can connect and share experiences. Meta Platforms, Inc. (META) strives to foster a sense of belonging among its users.

In 2024, META reported a Family daily active people (DAP) count of 3.29 billion, reflecting a 5% increase year-over-year, which demonstrates its commitment to connecting people globally. Initiatives like community-led events and support for local organizations have been pivotal in strengthening community ties.

Moreover, the launch of new features aimed at enhancing user interaction, such as Facebook Groups and Instagram Live, has been instrumental in fostering community connections. These tools allow users to engage meaningfully, share content, and support one another, reinforcing the company's dedication to this core value.

Core Value: Innovation

Innovation is at the heart of META's mission to lead in technology and user experience. This value drives the company to continuously explore new ideas and technologies.

In 2024, META invested approximately $11.18 billion in research and development, up from $9.24 billion in 2023, highlighting its focus on technological advancement. Key projects include the development of AI tools for content recommendation and the expansion of the Reality Labs segment, which focuses on augmented and virtual reality technologies. Revenue from Reality Labs reached $270 million for the third quarter of 2024, a 29% increase compared to the previous year.

The rollout of AI-powered features across its platforms has also enhanced user experience and engagement. For example, the implementation of AI-driven advertising solutions has improved targeting effectiveness, leading to an 11% increase in average price per ad.

Core Value: Privacy

Privacy remains a cornerstone of META's operational philosophy, especially in light of increasing regulatory scrutiny. The company is dedicated to safeguarding user data and providing transparency in its practices.

In response to regulatory changes, META has implemented a “subscription for no ads” model in the EU, allowing users to opt for an ad-free experience. This initiative is part of a broader strategy to enhance data protection and privacy, which includes an effective tax rate of just 12% for the third quarter of 2024, reflecting careful financial management amid regulatory challenges.

Furthermore, META has increased its investment in security measures, allocating over $3 billion towards enhancing its data protection infrastructure. This commitment to privacy not only complies with global regulations but also builds user trust in the platform.

Core Value: Inclusion

Inclusion is integral to META's culture, aiming to create an environment where diverse voices are heard and valued. The company actively promotes diversity and equity within its workforce and user community.

As of September 30, 2024, META's headcount was 72,404, reflecting a 9% increase year-over-year, with a focus on hiring diverse talent. Initiatives such as the Meta Elevate program support underrepresented groups in tech, providing mentorship and resources to empower their careers.

Additionally, META's platforms host various initiatives aimed at promoting diverse content creators, helping to amplify voices that may otherwise go unheard. This commitment is reflected in the increased engagement metrics, with ad impressions across its Family of Apps growing by 7% year-over-year.

Core Value: Impact

Impact highlights META's responsibility to create positive change in the world through its products and initiatives. The company is focused on leveraging technology to address social issues and support communities.

In 2024, META committed over $1 billion to various social initiatives, including mental health awareness campaigns and educational programs. The company's efforts in combating misinformation and promoting digital literacy are also significant aspects of its impact strategy.

Furthermore, META's advertising revenue for the third quarter of 2024 was reported at $40.59 billion, a 19% increase from the previous year, enabling further investments in impactful projects. This financial growth allows META to expand its corporate social responsibility initiatives, reinforcing its commitment to making a meaningful difference.

Article updated on 8 Nov 2024

Resources:

• Meta Platforms, Inc. (META) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Meta Platforms, Inc. (META)' financial performance, including balance sheets, income statements, and cash flow statements.
• SEC Filings – View Meta Platforms, Inc. (META)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.