Meta Crushes Wall Street Earnings Estimates As It Ramps Up AI Spending

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As a seasoned tech enthusiast who’s been around since the dawn of social media, I can’t help but feel a mix of awe and anticipation when it comes to Meta Platforms Inc.’s performance. The numbers speak for themselves – $40.6 billion in revenue, a net income of $15.7 billion, and EPS of $6.03! That’s quite the impressive feat, especially considering the comparisons with 2023.

Facebook’s parent company, Meta Platforms Inc., surpassed Wall Street projections in their third-quarter financial report. They generated a revenue of approximately $40.6 billion, recorded net income of around $15.7 billion, and reported earnings per share as $6.03. These figures represent significant increases compared to the year 2023.

The Street had been targeting revenue of $40.3 billion and EPS of $5.25.

Furthermore, the firm emphasized that it anticipates increasing its investments over the coming year, focusing more on artificial intelligence. In essence, they cautioned investors to prepare for a faster pace in infrastructure costs next year due to an anticipated rise in depreciation and operational expenses associated with our enlarged infrastructure network.

I must admit, I’m keeping a close eye on developments in the U.S. and E.U. regulations as they might have a substantial influence on our operations and financial performance.

Mark Zuckerberg, Meta’s founder and CEO, commented on our successful quarter. He attributed this success to advancements in AI integrated across our applications and business. Additionally, he highlighted the robust progress of Meta AI, the increasing popularity of Llama, and the development of AI-enhanced glasses,” said Mark Zuckerberg.

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2024-10-30 23:25