Meta projects sharp acceleration in AI costs after results beat Wall Street targets

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:Facebook owner Meta Platforms on Wednesday warned of "significant acceleration" in artificial intelligence-related infrastructure expenses next year, while beating analysts' estimates for third-quarter revenue and profit.

Meta reported third-quarter profit of $6.03 per share, compared with estimates of $5.25 per share, according to data compiled by LSEG.

The world's biggest social media company kept costs in check in the third quarter, with total expenses of $23.2 billion and capital expenditure of $9.2 billion.

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Category: EconomyBusiness

Markets: SingaporeBelgium

Topics: Year Estimates Company Revenue Analysts Cent Meta Quarter Continue Investors Billion

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-31 @ 04:09:22 (18 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 864 words

Reading Time: 5 minutes read

Sentences: 33 lines

Sentence Length: 27 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 23342880

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