SAN FRANCISCO -- US 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, a 19 percent increase year-on-year.

The company's quarterly net income increased to $15.69 billion, up 35 percent from $11.58 billion year-on-year. The diluted earnings per share for the quarter increased to $6.03 from $4.39 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 as of Sept 30, 2024. Free cash flow was $15.52 billion, 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, and the full-year 2024 total expenses to be in the range of $96 billion to $98 billion, updated from its prior range of $96 billion to $99 billion.

Meta anticipates the full-year 2024 capital expenditures will be in the range of $38 billion to $40 billion, 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.