Company at the same time on Wednesday publication they released a revenue estimate for the current quarter that beat market expectations and expected high spending on advertising before Christmas. But he warned of a big increase in spending on artificial intelligence (AI) infrastructure next year.
Earnings per share were $6.03, beating analysts polled by LSEG who were expecting $5.25 per share. The company’s revenue rose 19 percent to $40.59 billion, also beating analysts’ estimates.
“We had a great quarter, fueled by the advancement of AI in our applications and businesses,” said Meta founder and CEO Mark Zuckerberg.
Analysts believe that AI-powered advertising tools and more effective monetization of Reels‘ short video products will drive Meta’s revenue growth this year.
Many analysts predict that this year will be a very successful one for digital advertising, as economic forecasts improve with expectations of lower interest rates and consumers remain willing to spend . Advertising makes up the majority of Meta’s revenue, which means higher marketing spend in the run-up to Christmas could significantly boost the company’s bottom line.
Zuckerberg is already the second richest person in the world, he won the most this year
Economic
2024-10-30 21:29:00
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