Summary
Meta, the company that owns Facebook, Instagram, and WhatsApp, reported a strong increase in profits and is investing heavily in artificial intelligence (AI) projects. From April to June, Meta's revenue increased by 22% to $47.5 billion, while profits rose by 36% to $18.3 billion. Meta is using its strong financial performance to fund CEO Mark Zuckerberg's AI goals, which include creating advanced AI tools for everyday tasks.
Key Facts
- Meta's revenue from April to June was $47.5 billion, up 22% from the previous year.
- Meta's profits in the same period rose by 36% to $18.3 billion.
- Expenses increased by 12% to $27 billion due to investments in AI and infrastructure.
- CEO Mark Zuckerberg plans to develop an "AI Superintelligence" for complex problem-solving.
- Meta aims to create "personal superintelligence" for everyday uses, like remembering events.
- Meta has spent over $14 billion on AI firm ScaleAI and hired its CEO, Alexandr Wang.
- The company uses AI in its advertising business to boost revenue.
- Meta's shares rose by more than 10% after its earnings announcement.
