Meta Platforms has reported financial results for the quarter ended March 31, 2024.

The platform has posted total revenue of $36.46 billion, a 27% increase from last year. 

The advertising revenue for the quarter ended March 31 stood at $35,635 million as compared to $28,101 million the same quarter last year.

Ad impressions delivered across Meta’s family of apps have increased by 20% year-over-year, the tech giant said. The average price per ad has also increased by 6% year-over-year.

Total costs and expenses stands at $22.64 billion, an increase of 6% year-over-year, while capital expenditures, including principal payments on finance leases, were $6.72 billion.

"It's been a good start to the year," said Mark Zuckerberg, Meta founder and CEO. "The new version of Meta AI with Llama 3 is another step towards building the world's leading AI. We're seeing healthy growth across our apps and we continue making steady progress building the metaverse as well.”