2024-08-01 05:50:08

Meta's Profits Skyrocket as Shares Surge

Meta, the tech giant formerly known as Facebook, has reported a staggering $13.5 billion profit, causing its shares to soar by 7%. Meta's CEO, Mark Zuckerberg, has also announced that Meta AI is on track to become the top digital assistant by 2023. While other tech giants have disappointed with their results, Meta's success has had a positive impact on Wall Street.

To further accelerate progress in research, Meta is investing in data centers and open-source AI. Despite its losses of $4.5 billion in the metaverse in Q2, Meta's revenue has seen a 22% increase to $49 billion.

The company plans to increase its capital expenditure on AI in 2025. Meta's future plans also include the development of a metaverse ecosystem. Moreover, Meta has revealed that India is its largest market for Meta AI usage, with its AI chatbot experiencing massive usage thanks to WhatsApp's 500 million users in the country.

Al Jazeera
1. August 2024 um 02:01

Meta shares surge after tech giant reports $13.5bn profit

Economy
Technology
Meta's $13.5bn profit sends shares up 7%. Zuckerberg: Meta AI to be top assistant by 2023. Tech giants' results disappoint, Wall Street falls. Meta invests in data centers, open-source AI to accelerate progress in research.
heise online
1. August 2024 um 02:31

Meta Platforms benefits from more and more expensive advertising, exceeds expectations | heise online

Economy
Technology
Meta Platforms is seeing significant increases in sales and profits due to more and more expensive advertising. However, the Metaverse and AI functions are consuming high costs for servers and infrastructure. Despite moderate user growth, Meta exceeds expectations and provides a positive outlook.
TechCrunch
1. August 2024 um 03:12

Meta says India is the largest market for Meta AI usage

Technology
Finance
Meta's AI chatbot, powered by the Llama 3 model, is seeing massive usage in India, its largest market, thanks to WhatsApp's 500 million users in the country. Meta AI has expanded to 22 countries and Threads, Meta's Twitter rival, now has almost 200 million users. Additionally, Facebook usage is promising among young adults in the U.S. Meta says the computing power needed to train the next Llama 4 model will likely be almost 10 times more than what was used for Llama 3.
Cointelegraph.com News
1. August 2024 um 04:15

Meta burns another $4.5B on metaverse in Q2, preps for AI growth

Economy
Technology
Finance
Meta lost $4.5B on metaverse in Q2; revenue up 22% to $49B; profit $13.5B from AI, apps; share price jumped 7%; plans to significantly increase AI capex in 2025; Meta AI on track to be top assistant by 2024; good traction on Ray-Ban smart glasses; Facebook Marketplace seeing younger users; Reality Labs lost $59.9B since 2019, responsible for VR headsets; plans to develop metaverse ecosystem.
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