Meta’s Profit Rises 35 Percent, Even as Spending Spree Continues

Published On Oct 30, 2024, 4:36 PM

Meta, the parent company of Facebook, Instagram, and WhatsApp, reported impressive third-quarter financial results with a revenue of $40.6 billion, up 19% year-over-year, and a profit of $15.7 billion, reflecting a 35% increase. This growth is attributed to enhanced advertisement targeting and AI advancements. However, Meta plans to sustain its significant spending in AI and metaverse projects, raising its annual expenditure forecast to between $38 billion and $40 billion. This announcement led to a slight decline in its stock price post-earnings report.