Net profit increased by 36 percent to $ 18.3 billion compared to a year earlier. The turnover of Meta, based in the California Menlo Park, climbed by 22 percent to $ 47.5 billion.
The Netherlands wants more fair AI-playing field: less power for American tech giants
This is mainly due to higher income from advertisements. CEO Mark Zuckerberg spoke of a strong quarter for the social media group.
Meta expects a turnover of 47.5 billion to $ 50.5 billion for the current quarter, which is more than analysts had expected.
More AI Investments
Meta is also investing heavily in artificial intelligence (AI) in the competition with, for example, Chatgpt maker OpenAI and Google in the development of language models and chatbots. The group now allocates a total of $ 66 billion to $ 72 billion for AI investments this year.
On Wall Street, the figures and expectations were good, because the proportion of Meta went up rapidly.