Meta Platforms reported third quarter revenue of $40.5 billion, up 19% on the previous period. Net profit also rose sharply, from $11.5 billion to $15.6 billion.
That money the company is putting to good use for its robust investments in artificial intelligence.
“We had a good quarter, driven by AI advances in our apps and our business,” said CEO Mark Zuckerberg, who talked up progress with Meta AI, the adoption of Llama (language model) and AI-powered glasses.
Advertising still accounts for the vast majority of Meta’s revenue. Ads on the platform increased 11% on average.
The number of daily active users reached 3.29 billion, up 5% from a year earlier.
It was announced this week that that Meta plans to install a self-developed search engine in its AI chatbot Meta AI. Meta currently uses Google and Microsoft search functionality for the search functionality in Meta AI, but that is set to change.
Meta has further signed a multi-year licensing agreement with news agency Reuters. This will allow the technology company’s AI chatbot to give US users information about current events.
Ultimately, the arrival of the search engine should also further increase competition with OpenAI’s ChatGPT.
Looking forward to the final quarter of 2024, Meta is counting on revenue of $45 billion to $48 billion, while analysts have settled on $46.2 billion.
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