Stock Analysis on Net

Meta Platforms Inc. (NASDAQ:META)

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Meta Platforms Inc., consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Revenue 134,902 116,609 117,929 85,965 70,697
Cost of revenue (25,959) (25,249) (22,649) (16,692) (12,770)
Gross profit 108,943 91,360 95,280 69,273 57,927
Research and development (38,483) (35,338) (24,655) (18,447) (13,600)
Marketing and sales (12,301) (15,262) (14,043) (11,591) (9,876)
General and administrative (11,408) (11,816) (9,829) (6,564) (10,465)
Income from operations 46,751 28,944 46,753 32,671 23,986
Interest income 1,639 452 476 686 924
Interest expense (446) (176) (15) (14) (20)
Foreign currency exchange losses, net (366) (81) (140) (129) (105)
Other income (expense), net (150) (320) 210 (34) 27
Interest and other income (expense), net 677 (125) 531 509 826
Income before provision for income taxes 47,428 28,819 47,284 33,180 24,812
Provision for income taxes (8,330) (5,619) (7,914) (4,034) (6,327)
Net income 39,098 23,200 39,370 29,146 18,485

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Income statement item Description The company
Revenue Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Meta Platforms Inc. revenue decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Income from operations The net result for the period of deducting operating expenses from operating revenues. Meta Platforms Inc. income from operations decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.
Income before provision for income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Meta Platforms Inc. income before provision for income taxes decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Net income The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Meta Platforms Inc. net income decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.