4 sources·Business

Meta Reports Strong Q3 Earnings Amid Rising AI Investments and User Concerns

Meta's Q3 earnings exceed expectations, but shares dip as daily active user growth misses projections; heavy investments in AI and Reality Labs continue.

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Updated: Oct 30th, 2024, 8:10 PM ET

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Meta Platforms Inc. reported impressive third-quarter earnings, posting $15.69 billion in profit, driven largely by advertising and AI advancements. Despite solid revenue of $40.6 billion, the company saw a dip in after-hours trading as daily active users fell short of Wall Street expectations. CEO Mark Zuckerberg highlighted ongoing AI progress and a 29% revenue increase in its Reality Labs unit, though operating losses rose to $4.4 billion. Meta anticipates a significant rise in infrastructure spending in 2024, showcasing its commitment to AI while facing legal challenges related to product safety.

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Meta Reports Strong Q3 Earnings Amid Rising AI Investments and User Concerns - Pano News