Meta Platforms sees FY24 expenses $96B-$99B

Raises FY24 capex view to $37B-$40B from $35B-$40B. Sees FY24 tax rate in mid-teens. Says 3.2B people using at least one of the company apps. Says U.S. growth has been especially a bright spot. Says particularly pleased with progress the company is making with young adults. Says Threads about to hit 200M monthly active users. Says quite pleased with trajectory. Says Meta AI on track of achieving goal of most used AI assistant by the end of the year. Says already starting to work on LLAMA 4. Says computer power to train LLAMA 4 will be ten times what it took for LLAMA 3. Says as company scales investments will remain operationally efficient. Says demand is exceeding ability to build Ray Ban Meta smart glasses. Says Quest 3 also outpacing expectations. Says India largest market for Meta AI usage. Comments and guidance taken from Q2 earnings conference call.