Technology
Meta Reports Third Quarter 2024 Results
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MENLO PARK, Calif., Oct. 30, 2024 /PRNewswire/ — Meta Platforms, Inc. (Nasdaq: META) today reported financial results for the quarter ended September 30, 2024.
“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.”
Third Quarter 2024 Financial Highlights
Three Months Ended September 30,
% Change
In millions, except percentages and per share amounts
2024
2023
Revenue
$ 40,589
$ 34,146
19 %
Costs and expenses
23,239
20,398
14 %
Income from operations
$ 17,350
$ 13,748
26 %
Operating margin
43 %
40 %
Provision for income taxes
$ 2,134
$ 2,437
(12) %
Effective tax rate
12 %
17 %
Net income
$ 15,688
$ 11,583
35 %
Diluted earnings per share (EPS)
$ 6.03
$ 4.39
37 %
Third Quarter 2024 Operational and Other Financial Highlights
Family daily active people (DAP) – DAP was 3.29 billion on average for September 2024, an increase of 5% year-over-year.Ad impressions – Ad impressions delivered across our Family of Apps increased by 7% year-over-year.Average price per ad – Average price per ad increased by 11% year-over-year.Revenue – Total revenue was $40.59 billion, an increase of 19% year-over-year. Revenue on a constant currency basis would have increased 20% year-over-year.Costs and expenses – Total costs and expenses were $23.24 billion, an increase of 14% year-over-year.Capital expenditures – Capital expenditures, including principal payments on finance leases, were $9.20 billion.Capital return program – Share repurchases were $8.86 billion of our Class A common stock and total dividend and dividend equivalent payments were $1.26 billion.Cash, cash equivalents, and marketable securities – Cash, cash equivalents, and marketable securities were $70.90 billion as of September 30, 2024. Free cash flow was $15.52 billion.Long-term debt – Long-term debt was $28.82 billion as of September 30, 2024.Headcount – Headcount was 72,404 as of September 30, 2024, an increase of 9% year-over-year.
CFO Outlook Commentary
We expect fourth quarter 2024 total revenue to be in the range of $45-48 billion. Our guidance assumes foreign currency is approximately neutral to year-over-year total revenue growth, based on current exchange rates.
We expect full-year 2024 total expenses to be in the range of $96-98 billion, updated from our prior range of $96-99 billion. For Reality Labs, we continue to expect 2024 operating losses to increase meaningfully year-over-year due to our ongoing product development efforts and investments to further scale our ecosystem.
We anticipate our full-year 2024 capital expenditures will be in the range of $38-40 billion, updated from our prior range of $37-40 billion. We continue to expect significant capital expenditures growth in 2025. Given this, along with the back-end weighted nature of our 2024 capital expenditures, we expect a significant acceleration in infrastructure expense growth next year as we recognize higher growth in depreciation and operating expenses of our expanded infrastructure fleet.
Absent any changes to our tax landscape, we expect our fourth quarter 2024 tax rate to be in the low-teens.
In addition, we continue to monitor an active regulatory landscape, including the increasing legal and regulatory headwinds in the EU and the U.S. that could significantly impact our business and our financial results.
Webcast and Conference Call Information
Meta will host a conference call to discuss the results at 2:00 p.m. PT / 5:00 p.m. ET today. The live webcast of Meta’s earnings conference call can be accessed at the Meta Investor Relations website at investor.fb.com, along with the earnings press release, financial tables, and slide presentation.
Following the call, a replay will be available at the same website. Transcripts of conference calls with publishing equity research analysts held today will also be posted to the investor.fb.com website.
Disclosure Information
Meta uses the investor.fb.com and about.fb.com/news/ websites as well as Mark Zuckerberg’s Facebook Page (facebook.com/zuck), Instagram account (instagram.com/zuck) and Threads profile (threads.net/zuck) as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
About Meta
Meta builds technologies that help people connect, find communities, and grow businesses. When Facebook launched in 2004, it changed the way people connect. Apps like Messenger, Instagram, and WhatsApp further empowered billions around the world. Now, Meta is moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology.
Contacts
Investors:
Kenneth Dorell
investor@meta.com / investor.fb.com
Press:
Ryan Moore
press@meta.com / about.fb.com/news/
Forward-Looking Statements
This press release contains forward-looking statements regarding our future business plans and expectations. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including: the impact of macroeconomic conditions on our business and financial results, including as a result of geopolitical events; our ability to retain or increase users and engagement levels; our reliance on advertising revenue; our dependency on data signals and mobile operating systems, networks, and standards that we do not control; changes to the content or application of third-party policies that impact our advertising practices; risks associated with new products and changes to existing products as well as other new business initiatives, including our artificial intelligence initiatives and metaverse efforts; our emphasis on community growth and engagement and the user experience over short-term financial results; maintaining and enhancing our brand and reputation; our ongoing privacy, safety, security, and content and advertising review and enforcement efforts; competition; risks associated with government actions that could restrict access to our products or impair our ability to sell advertising in certain countries; litigation and government inquiries; privacy, legislative, and regulatory concerns or developments; risks associated with acquisitions; security breaches; our ability to manage our scale and geographically-dispersed operations; and market conditions or other factors affecting the payment of dividends. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed under the caption “Risk Factors” in our Quarterly Report on Form 10-Q filed with the SEC on August 1, 2024, which is available on our Investor Relations website at investor.fb.com and on the SEC website at www.sec.gov. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. In addition, please note that the date of this press release is October 30, 2024, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.
For a discussion of limitations in the measurement of certain of our community metrics, see the section entitled “Limitations of Key Metrics and Other Data” in our most recent quarterly or annual report filed with the SEC.
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (GAAP), we use the following non-GAAP financial measures: revenue excluding foreign exchange effect, advertising revenue excluding foreign exchange effect, and free cash flow. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures.
We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business.
Our non-GAAP financial measures are adjusted for the following items:
Foreign exchange effect on revenue. We translated revenue for the three and nine months ended September 30, 2024 using the prior year’s monthly exchange rates for our settlement or billing currencies other than the U.S. dollar, which we believe is a useful metric that facilitates comparison to our historical performance.
Purchases of property and equipment; Principal payments on finance leases. We subtract both purchases of property and equipment, net of proceeds and principal payments on finance leases in our calculation of free cash flow because we believe that these two items collectively represent the amount of property and equipment we need to procure to support our business, regardless of whether we procure such property or equipment with a finance lease. We believe that this methodology can provide useful supplemental information to help investors better understand underlying trends in our business. Free cash flow is not intended to represent our residual cash flow available for discretionary expenditures.
For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please see the “Reconciliation of GAAP to Non-GAAP Results” table in this press release.
META PLATFORMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Revenue
$ 40,589
$ 34,146
$ 116,116
$ 94,791
Costs and expenses:
Cost of revenue
7,375
6,210
21,322
18,264
Research and development
11,177
9,241
31,693
27,966
Marketing and sales
2,822
2,877
8,107
9,075
General and administrative
1,865
2,070
8,978
9,119
Total costs and expenses
23,239
20,398
70,100
64,424
Income from operations
17,350
13,748
46,016
30,367
Interest and other income, net
472
272
1,095
254
Income before provision for income taxes
17,822
14,020
47,111
30,621
Provision for income taxes
2,134
2,437
5,589
5,540
Net income
$ 15,688
$ 11,583
$ 41,522
$ 25,081
Earnings per share:
Basic
$ 6.20
$ 4.50
$ 16.37
$ 9.73
Diluted
$ 6.03
$ 4.39
$ 15.88
$ 9.56
Weighted-average shares used to compute earnings per share:
Basic
2,529
2,576
2,536
2,577
Diluted
2,600
2,641
2,615
2,623
META PLATFORMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
September 30, 2024
December 31, 2023
Assets
Current assets:
Cash and cash equivalents
$ 43,852
$ 41,862
Marketable securities
27,048
23,541
Accounts receivable, net
14,700
16,169
Prepaid expenses and other current assets
5,467
3,793
Total current assets
91,067
85,365
Non-marketable equity securities
6,071
6,141
Property and equipment, net
112,162
96,587
Operating lease right-of-use assets
14,812
13,294
Goodwill
20,654
20,654
Other assets
11,642
7,582
Total assets
$ 256,408
$ 229,623
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$ 7,656
$ 4,849
Operating lease liabilities, current
2,016
1,623
Accrued expenses and other current liabilities
23,658
25,488
Total current liabilities
33,330
31,960
Operating lease liabilities, non-current
18,208
17,226
Long-term debt
28,823
18,385
Long-term income taxes
9,171
7,514
Other liabilities
2,347
1,370
Total liabilities
91,879
76,455
Commitments and contingencies
Stockholders’ equity:
Common stock and additional paid-in capital
80,749
73,253
Accumulated other comprehensive loss
(1,192)
(2,155)
Retained earnings
84,972
82,070
Total stockholders’ equity
164,529
153,168
Total liabilities and stockholders’ equity
$ 256,408
$ 229,623
META PLATFORMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Cash flows from operating activities
Net income
$ 15,688
$ 11,583
$ 41,522
$ 25,081
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
4,027
2,858
11,038
8,006
Share-based compensation
4,250
3,492
12,428
10,603
Deferred income taxes
(1,308)
3,049
(3,406)
1,292
Impairment charges for facilities consolidation, net
8
340
288
1,342
Other
(11)
75
(82)
278
Changes in assets and liabilities:
Accounts receivable
143
(678)
1,493
444
Prepaid expenses and other current assets
(184)
(907)
(168)
(141)
Other assets
(29)
(36)
(70)
31
Accounts payable
667
611
(195)
(543)
Accrued expenses and other current liabilities
572
87
(1,199)
5,355
Other liabilities
901
(72)
1,691
(39)
Net cash provided by operating activities
24,724
20,402
63,340
51,709
Cash flows from investing activities
Purchases of property and equipment, net
(8,258)
(6,496)
(22,831)
(19,453)
Purchases of marketable debt securities
(4,468)
(1,008)
(14,644)
(1,810)
Sales and maturities of marketable debt securities
4,114
1,475
11,972
3,825
Acquisitions of businesses and intangible assets
(132)
(38)
(261)
(565)
Other investing activities
124
(10)
112
(20)
Net cash used in investing activities
(8,620)
(6,077)
(25,652)
(18,023)
Cash flows from financing activities
Taxes paid related to net share settlement of equity awards
(3,544)
(2,087)
(9,913)
(4,789)
Repurchases of Class A common stock
(8,818)
(3,570)
(30,125)
(13,832)
Payments for dividends and dividend equivalents
(1,263)
—
(3,802)
—
Proceeds from issuance of long-term debt, net
10,432
—
10,432
8,455
Principal payments on finance leases
(944)
(267)
(1,558)
(751)
Other financing activities
(234)
49
(350)
(182)
Net cash used in financing activities
(4,371)
(5,875)
(35,316)
(11,099)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
368
(354)
(72)
(283)
Net increase in cash, cash equivalents, and restricted cash
12,101
8,096
2,300
22,304
Cash, cash equivalents, and restricted cash at beginning of the period
33,026
29,804
42,827
15,596
Cash, cash equivalents, and restricted cash at end of the period
$ 45,127
$ 37,900
$ 45,127
$ 37,900
Reconciliation of cash, cash equivalents, and restricted cash to the
condensed consolidated balance sheets
Cash and cash equivalents
$ 43,852
$ 36,890
$ 43,852
$ 36,890
Restricted cash, included in prepaid expenses and other current assets
90
152
90
152
Restricted cash, included in other assets
1,185
858
1,185
858
Total cash, cash equivalents, and restricted cash
$ 45,127
$ 37,900
$ 45,127
$ 37,900
META PLATFORMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Supplemental cash flow data
Cash paid for income taxes, net
$ 1,767
$ 509
$ 8,326
$ 2,016
Cash paid for interest, net of amounts capitalized
$ 111
$ 120
$ 356
$ 302
Non-cash investing and financing activities:
Property and equipment in accounts payable and accrued
expenses and other current liabilities
$ 7,217
$ 4,506
$ 7,217
$ 4,506
Acquisition of businesses and intangible assets in accrued
expenses and other current liabilities and other liabilities
$ 186
$ 182
$ 186
$ 182
Repurchases of Class A common stock in accrued expenses and
other current liabilities
$ —
$ 122
$ —
$ 122
Segment Results
We report our financial results for our two reportable segments: Family of Apps (FoA) and Reality Labs (RL). FoA includes Facebook, Instagram, Messenger, WhatsApp, and other services. RL includes our virtual, augmented, and mixed reality related consumer hardware, software, and content.
The following table presents our segment information of revenue and income (loss) from operations:
Segment Information
(In millions)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Revenue:
Advertising
$ 39,885
$ 33,643
$ 113,850
$ 93,242
Other revenue
434
293
1,203
724
Family of Apps
40,319
33,936
115,053
93,966
Reality Labs
270
210
1,063
825
Total revenue
$ 40,589
$ 34,146
$ 116,116
$ 94,791
Income (loss) from operations:
Family of Apps
$ 21,778
$ 17,490
$ 58,778
$ 41,841
Reality Labs
(4,428)
(3,742)
(12,762)
(11,474)
Total income from operations
$ 17,350
$ 13,748
$ 46,016
$ 30,367
Reconciliation of GAAP to Non-GAAP Results
(In millions, except percentages)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
GAAP revenue
$ 40,589
$ 34,146
$ 116,116
$ 94,791
Foreign exchange effect on 2024 revenue using 2023 rates
544
809
Revenue excluding foreign exchange effect
$ 41,133
$ 116,925
GAAP revenue year-over-year change %
19 %
22 %
Revenue excluding foreign exchange effect year-over-year change %
20 %
23 %
GAAP advertising revenue
$ 39,885
$ 33,643
$ 113,850
$ 93,242
Foreign exchange effect on 2024 advertising revenue using 2023 rates
538
799
Advertising revenue excluding foreign exchange effect
$ 40,423
$ 114,649
GAAP advertising revenue year-over-year change %
19 %
22 %
Advertising revenue excluding foreign exchange effect year-over-year change %
20 %
23 %
Net cash provided by operating activities
$ 24,724
$ 20,402
$ 63,340
$ 51,709
Purchases of property and equipment, net
(8,258)
(6,496)
(22,831)
(19,453)
Principal payments on finance leases
(944)
(267)
(1,558)
(751)
Free cash flow
$ 15,522
$ 13,639
$ 38,951
$ 31,505
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SOURCE Meta
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MOIN Successfully Complete POC for Cross-Border Tuition Payments, Paving the Way for Solution Commercialization
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SEOUL, South Korea, Oct. 30, 2024 /PRNewswire/ — MOIN, a leading cross-border remittance service provider, has successfully collaborated with Visa to address a long-standing challenge in cross-border payments: the inability to seamlessly transmit detailed non-financial data alongside financial transactions. The Proof of Concept (POC), developed in collaboration with Visa, enables enhanced transparency and efficiency in tuition payments for international students. Following the POC’s success, MOIN is now working towards the commercialization phase of the solution.
MOIN, known for its innovative approach to remittance services, has long specialized in offering cross-border payment solutions tailored to individuals and businesses. By combining MOIN’s expertise with Visa’s real-time money movement platform, Visa Direct, the POC sought to resolve the critical issue of limited data transmission in international payments. Currently, when cross-border payments are sent through traditional banking systems, the sender is restricted by the limited text field available within the SWIFT network, which often fails to capture vital information, such as student identification numbers or the purpose of payment. These limitations create inefficiencies in payment reconciliation and financial management, particularly for educational institutions that rely on accurate data for administrative processes.
The Solution: Comprehensive Data Transfer with Payments
The POC successfully demonstrated a new solution that allows for the transmission of comprehensive, detailed non-financial data alongside the financial transaction itself. For example, when an international student sends a tuition payment to a university, the transaction is now accompanied by essential details such as the student’s ID number, a description of the payment purpose (e.g., tuition, dormitory fees, meal plans), the expected delivery date, the exact amount, the applied foreign exchange (FX) rate, and the status of the transfer. This not only facilitates smoother and quicker financial management for universities but also improves the student’s administrative experience by minimizing payment-related delays.
MOIN acts as both the originating remittance service provider and the reconciliation entity, ensuring that the right data reaches the right parties at each step. Visa Direct’s secure and fast network plays a critical role in the transmission of both the funds and the associated data, overcoming the data transmission restrictions previously faced by the SWIFT network.
Addressing a Growing Market Need
With over 6.4 million international students globally and an estimated tuition payment volume of approximately $128 billion(Source : Project Atlas, 2023), there is a clear need for more efficient and transparent payment solutions. This newly tested POC addresses a significant market gap, providing universities with all the necessary information they need to accurately and efficiently reconcile incoming tuition payments. The benefits extend beyond educational institutions, offering improvements across various sectors where cross-border payments are crucial, including healthcare, housing, and business transactions.
MOIN’s Role and Expertise: A Dual Function in the POC
MOIN’s expertise and experience in cross-border remittance played a pivotal role in this POC, particularly in managing transactions involving international students. MOIN not only facilitated the sending of payments from students but also took on the additional responsibility of validating and reconciling the received payments at universities. Specifically, MOIN’s system allows universities to easily access transaction details tied to a unique reference ID through a user-friendly dashboard. This provides clear visibility into which student made the payment and the exact purpose of the funds, enabling universities to manage and reconcile payments efficiently. This dual role showcases MOIN’s ability to manage both sides of the transaction process—sending and receiving—while ensuring transparency and efficiency.
Visa Direct was integral to this success. It enabled faster, more cost-effective cross-border payments with the added benefit of carrying detailed transaction data. MOIN’s deep understanding of the needs of international students and educational institutions, particularly in Korea—one of the world’s largest markets for study abroad—helped tailor the solution to meet these unique requirements. As a result, the POC has proven that MOIN’s technical capabilities are not only on par with global payment industry standards but also lead the field in innovative remittance solutions.
Looking Ahead: Global Commercialization
Following the successful completion of the POC, MOIN is now focused on bringing this solution across markets with high penetration of overseas students. While the initial test was conducted between Korea and Europe, the commercialization phase will extend to markets in North America, Asia, and beyond. The POC has already attracted the interest of major global acquirers, who are preparing to join the new reconciliation payment network, further expanding its reach.
MOIN will continue to play a key role as both a sending and reconciliation partner in this network, demonstrating its ability to handle large-scale cross-border transactions with unmatched efficiency and accuracy. The company’s technological prowess has been solidified through this partnership, setting the stage for future collaborations with global payment and remittance firms.
A Word from MOIN’s CEO
MOIN’s CEO, ILSEOK SUH, expressed his enthusiasm for the success of the POC, stating, “This collaboration with Visa has allowed us to solve a critical issue in cross-border remittances and payments. The ability to seamlessly transmit detailed non-financial data alongside payments is a major step forward, not only for students and educational institutions but for the entire remittance and payments industry. We are excited to build on this success and continue expanding our global partnerships.”
SUH further added that MOIN is now positioned to broaden its partnerships globally, collaborating with a diverse range of companies and payment networks across different regions.
As the demand for more efficient, transparent, and cost-effective payment solutions continues to grow, MOIN’s expertise will remain at the forefront of this evolution.
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Just Flow Events & Marketing Grows Team with the Addition of Three New Staff Members
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53 mins agoon
October 31, 2024By
Just Flow Events & Marketing, a full-service strategic marketing agency, has expanded its Manchester-based team with the addition of three new staff members.
MANCHESTER, N.H., Oct. 30, 2024 /PRNewswire-PRWeb/ — Just Flow Events & Marketing, a full-service strategic marketing agency, has expanded its Manchester-based team with the addition of three new staff members.
The positive impact of having Mairead, Sarah and Heather on board is already noticeable. They each bring deep expertise, strategic marketing approaches and insightful ideas to the table. We are excited to elevate our client services with the addition of these integral team members.
Mairead Fregeau of Manchester serves as Account Manager, working closely with the agency’s clients to manage their marketing plans and strategies from inception to completion. She brings more than a decade of experience in public relations, social media and multichannel ad campaign content development to the role. Fregeau holds a Bachelor of Arts degree in Communications, with specializations in advertising and digital media, from Loyola University Maryland.
Sarah Harkness is Just Flow Events & Marketing’s Social Media Specialist. The Epsom resident executes and manages the social media marketing campaigns of the agency’s clients, including strategic development, graphic design and analytics. She has nearly five years of experience as a freelance social media specialist for local hospitality companies, in addition to serving as a kindergarten teacher. Harkness is a graduate of Plymouth State University with a Master of Education in Special Education. She also earned a Bachelor of Arts in Communications from Southern New Hampshire University.
Heather Lockwood of Auburn is the agency’s Marketing Coordinator. She supports the team by leveraging data-driven marketing strategies and executing the tactics that make them successful. She has more than 15 years of marketing experience, most recently as a Marketing Manager for a multi-rooftop dealership. Lockwood graduated from Southern New Hampshire University with Master of Science and Bachelor of Science degrees in Marketing.
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To learn more about Just Flow Events & Marketing, visit justflownh.com.
About Just Flow Events & Marketing
Supporting clients since 2010, Just Flow provides event planning and management, strategic marketing and branding, social media management, website design development, graphic design, copywriting, and other related corporate communication services. Just Flow offers extensive experience in a variety of industries, including education, fine arts, healthcare and medical, high tech, hospitality and dining, manufacturing, membership organizations, professional services and more. With headquarters in downtown Manchester, the full-service agency provides services for clients across New Hampshire and throughout the Northeast. For more information, visit justflownh.com.
Media Contact
Ami D’Amelio, Just Flow Events & Marketing, 603-703-5588, ami@justflownh.com, https://justflownh.com/
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BRICS Summit safeguards the stability of greater BRICS collaboration
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October 31, 2024By
BEIJING, Oct. 30, 2024 /PRNewswire/ — A news report by China.org.cn on the 16th BRICS Summit:
Recently, the 16th BRICS Summit concluded in Kazan, an ancient city by the Volga in Russia. As the bloc’s first meeting since its expansion of five new members in BRICS, the event drew attendees from more than 30 countries, safeguarding the stability of greater BRICS collaboration in the long run.
BRICS, first proposed as the term “BRICs” in 2001, has been evolving along the way. But the enlargement of BRICS membership last year, and the beginning of the greater BRICS cooperation have garnered much more attention from the international community than any previous iterations. Among them, many developing countries have spoken highly of it, which can be proven by over 30 countries wishing eagerly to join BRICS.
Data and examples speak for themselves. Nine years into the establishment of the New Development Bank, it has approved about 35 billion USD worth of loans. It was exactly such loans that funded over 100 projects including urban railway tracks in India and green wind power facilities in Brazil. Under the BRICS cooperation mechanism, Shanghai customs has opened “green lanes” for tangerines from South Africa, enabling clearance into China on the day of arrival; China launched the MisrSat-2 for Egypt, which has been fulfilling the latter’s needs in agriculture, forestry, urban construction and so on. The BRICS mechanism has achieved fruitful results in advancing South-South Cooperation and improving global governance.
After BRICS expanded its membership, the ten members together account for about 30% of global GDP, and one-fifth of global trade volume, and they sure will continue to function as a powerful driver of global economic growth.
China Mosaic
http://chinamosaic.china.com.cn/index.htm
BRICS Summit safeguards the stability of greater BRICS collaboration
http://www.china.org.cn/video/2024-10/30/content_117515649.htm
View original content to download multimedia:https://www.prnewswire.com/news-releases/brics-summit-safeguards-the-stability-of-greater-brics-collaboration-302292218.html
SOURCE China.org.cn
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BRICS Summit safeguards the stability of greater BRICS collaboration
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