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Meta's Strong Earnings Report Amid Heavy AI Spending
2024-08-01 14:59:08
Business
Technology
Artificial Intelligence

Meta's Strong Earnings Report Amid Heavy AI Spending

Meta's robust Q2 earnings exceeded expectations, driven by significant AI investments. The company is intensively developing AI technologies like Meta AI and Ray-Ban Meta AI glasses.

Despite legal challenges, such as a $1.4 billion settlement in Texas, Meta remains focused on AI-driven growth. The market witnessed a shift away from big tech stocks, impacting companies like Alphabet and Tesla.

Meta's CEO, Mark Zuckerberg, emphasizes proactive AI investment to enhance ad relevance. Meta's performance reassures investors, showcasing a thriving core business with substantial profit and revenue growth.

Related news on that topic:

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.

Meta's Profit Boosts Shares Amid AI Advancements and Strategic ... Investments

Meta's impressive $13.5 billion profit sparks a 7% surge in shares. CEO Zuckerberg outlines plans for Meta AI as a top assistant by 2023. Despite disappointing results from other tech giants, Meta's strategic focus on data centers and open-source AI accelerates research progress. The company's positive earnings report, coupled with warnings of significant spending expansion, reflect a complex financial outlook. Wall Street closely monitors Meta's AI investments and promotion of open-source models. Analysts raise price targets, citing massive AI investments and growth in global active users. However, Bitcoin Miner Marathon faces challenges as its revenue misses estimates. Zuckerberg highlights Meta's future roadmap, including Threads social app and upcoming AI products. Meta's ambitious plans for its next-generation Llama 4 AI model involve significant compute resources and partnerships with key tech firms.

Read 34 more recent news on this topic

The press radar on this topic:

The Street
5. August 2024 um 13:46

Meta settles facial recognition lawsuit for $1.4 billion TheStreet Daily Newsletter

Technology
Economy
Meta settles $1.4B facial recognition lawsuit with Texas; lawsuit claimed illegal biometric data collection; Nasdaq lower, Dow rallying; PayPal, JetBlue report strong results; Fed to decide on interest rates, Powell may signal September cut.
The Guardian
31. Juli 2024 um 21:06

Strong earnings report pushes Meta shares up amid heavy AI spending

Economy
Technology
Finance
Meta reported strong Q2 earnings, exceeding revenue and EPS expectations. The company is heavily investing in AI, including Meta AI, Ray-Ban Meta AI glasses, and the LLama 3.1 405B model, aiming to make its AI the most used by year-end. Meta also reported lower-than-expected capital expenditures and expects AI investments to drive growth in 2025. However, the company faces legal challenges, including a $1.4bn settlement in a Texas privacy lawsuit and a lawsuit in New Mexico over child sexual e..
New York Times - Business
1. August 2024 um 11:43

Meta’s Lesson in Allaying Wall Street’s A.I. Fears

Economy
Technology
Finance
Meta, parent of Facebook and Instagram, increased A.I. and project spending 33% year-over-year. Its core business remains strong, with 73% profit growth and 22% revenue jump. Meta spent $8.5 billion on capital expenditures, including metaverse investments, and expects to spend $37-$40 billion this year, in line with Microsoft and Alphabet's A.I. spending. CEO Mark Zuckerberg says he'd rather build capacity before it's needed, aiming to use A.I. to improve the ad business by showing users more..
Yahoo Finance
1. August 2024 um 13:47

Meta jumps on solid earnings beat, but warns of 'significant' cap-ex expansion

Economy
Technology
Finance
Meta reported strong Q2 earnings, but warned of 'significant' capex growth in 2025. Reality Labs segment continued losing money, with turnover and lack of vision. Meta will not provide 2025 quantitative guidance until its Q4 call. The company also settled a $1.4 billion lawsuit with Texas.
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