The Magnificent Seven stock generated $39.1 billion in revenue, a 22% increase over the same quarter a year ago. Analysts had anticipated $38.3 billion in revenue. Net income increased a whopping 73% year-over-year to $13.5 billion, or $5.16 per share. This crushed estimates of $4.70 per share.
Also, its ad impressions jumped 10%, as did the average price per ad. Most of Meta’s revenue comes from advertising on its sites, which generated $38.3 billion in revenue, up 22% year-over-year. Its Reality Labs virtual reality Metaverse business made just $353 million, but that was up 28% from the same quarter a year ago.
“Over the long term, advertisers will basically just be able to tell us a business objective and a budget, and we’re going to go do the rest for them,” said Zuckerberg. “I think this is going to be a very big deal.” “Over time I think that just like every business has a website, a social media presence, and an email address, in the future I think that every business is also going to have an AI agent that their customers can interact with,” Zuckerberg said. “Our goal is to make it easy for every small business, and eventually every business, to pull all of their content and catalog into an AI agent that drives sales and saves them money.
Higher AI spending is typically welcomed by investors, as it not only means Meta is investing in its future growth; it also creates growth opportunities for suppliers within the AI universe.
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