U.S. social media giant Meta Platforms, Inc. on Wednesday reported financial results for the third quarter ending Sept. 30, with a total quarterly revenue of 40.59 billion U.S. dollars, a 19 percent increase year on year.

The company's quarterly net income increased to 15.69 billion dollars, up 35 percent from 11.58 billion dollars year on year. The diluted earnings per share for the quarter increased to 6.03 dollars from 4.39 dollars in the same period of 2023, said Meta, which is based in Menlo Park, California.

The company's family daily active people (DAP) was 3.29 billion on average for September 2024, an increase of 5 percent year over year.

Its cash, cash equivalents and marketable securities were 70.90 billion dollars as of Sept. 30, 2024. Free cash flow was 15.52 billion dollars, according to the company.

"We had a good quarter driven by AI progress across our apps and business," said Mark Zuckerberg, Meta founder and CEO. "We also have strong momentum with Meta AI, Llama adoption, and AI-powered glasses."

The company expects fourth quarter 2024 total revenue to be in the range of 45 billion to 48 billion dollars, and the full-year 2024 total expenses to be in the range of 96 billion to 98 billion dollars, updated from its prior range of 96 billion to 99 billion dollars.

Meta anticipates the full-year 2024 capital expenditures will be in the range of 38 billion to 40 billion dollars, and expects significant capital expenditures growth in 2025.

According to Meta, the increasing legal and regulatory headwinds in the European Union and the United States could significantly impact its business and financial results, and the company will continue to monitor the active regulatory landscape.