In the third quarter of the year, Meta recorded revenues of $40.59 billionwhich represents 19% compared to the same period last year. The market consensus expected 40.25 billion sales. For its part, earnings per share amounted to $6.03 (an improvement of 37%), well above the $5.25 expected by the market. The company has improved its revenue forecasts for this year to 48 billion and has committed to increasing spending by 2 billion more to 40 billion dollars.
The company’s problem is that it has disappointed its active users. The figure for the quarter stood at 3,290 million daily users on average, 5% more compared to a year ago. The figure has been very close to the market consensus, which expected around 3,310 million. The company’s shares have been trapped in strong volatility, losing 3% in the pre-market.
The social media giant also reported sales of $40.6 billion for the period ending Sept. 30, a 19% jump from a year ago and higher than the average estimate of $40.3 billion from analysts at Wall Street. Mark Zuckerberg credited company’s AI investments for strong quarter.
The strong point of the results is the improvement of the forecasts for this year, which went from 45,000 million to 48,000 million dollars. They represent more than expected by the consensus compiled by Bloombergwhich stands at 46 billion dollars. Likewise, capital spending will rise to 40,000 million compared to the 38,000 million expected by the company in its past results. And, in addition, the company is committed to keeping spending high by 2025.
Capital spending has become one of the market references to evaluate companies’ investment efforts in artificial intelligence and Meta has committed to continue putting in a lot of money for next year.
“We had a good quarter led by progress in AI in our apps and business,” said CEO Mark Zuckerberg, noting the “strong momentum” of its AI-powered glasses, its proprietary Meta AI technology and its model. of language, Llama.
This Wednesday it reported an accumulated net profit of $41,522 million between January and October, 65% more year-on-year, driven by its advertising business and the application of artificial intelligence (AI).
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