Meta sees earnings surge in Q3, cautions on rising AI spending

Quick Summary:

The social media firm’s net profit surged 35% year-on-year to $15.7 billion, while its revenue rose 19% year-on-year to $40.6 billion.

Given this, along with the back-end weighted nature of our 2024 CapEx, we expect a significant acceleration in infrastructure expense growth next year,” Meta’s Chief Financial Officer Susan Li said, during the call.

Li explained that Reality Labs expenses were $4.7 billion, up 19% year-over-year, driven primarily by higher headcount related expenses and infrastructure costs.

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Article Details

Author / Journalist: Ishan Patra

Category: StartupsEconomyBusiness

Markets: India

Topics: Llama Models Infrastructure Meta Growth Quarter Billion Opportunities Social Revenue Meta’s

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Article Type: News Report

Published On: 2024-10-31 @ 09:26:06 (10 hours ago)

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Language: English

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