Meta Platforms, the parent of Facebook and Instagram, said on Wednesday it expects overall expenses this year to be higher than it previously forecast as it spends heavily to roll out new AI products and bolsters the infrastructure to support them.The company expects 2024 capital expenditure in the range of $35 billion to $40 billion, up from its earlier forecast of $30 billion to $37 billion.
Revenue rose 27 per cent to $36.46 billion in the first quarter, beating expectations of $36.16 billion according to LSEG data. Software has been a bright spot for IBM as its consulting business grapples with more cautious spending by enterprises navigating higher interest rates. The acquisition will be funded by cash on hand and will add to adjusted core profit within the first full year of closing, expected by the end of 2024.
“You’re seeing clients in this uncertain macroeconomic environment. You’re seeing clients that are tightening discretionary spending,” CFO Jim Kavanaugh told Reuters.
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Meta to call for age verification to be implementedMeta will call for age verification to be implemented across Europe at an Oireachtas committee hearing today. The social media company will tell politicians at the Oirechtas Committee on Children later today that in the US the average teenager uses 44 applications on their phone.
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