Meta

Meta sees AI spending accelerating as earnings top forecasts

Mark Zuckerberg cites ‘progress across our apps and business’ at Facebook and Instagram parent

Meta cited “strong momentum” in its numerous bets on artificial intelligence as quarterly revenue and earnings topped Wall Street expectations, and said that spending on the technology will continue to accelerate into 2025.

Revenues in the third quarter increased 19 per cent to $40.6bn, at the top end of its guide range and a whisker above Wall Street estimates of $40.3bn. Net income jumped 35 per cent to $15.7bn, well above consensus of a rise to $13.6bn.

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