Meta shares rise as third quarter AI investments drive revenue growth
Meta Platforms reported a sharp increase in third-quarter revenue, driving its shares up by 5 percent in after-hours trading.
FTMQ News, written by our newsroom0 views
Meta Platforms reported on Wednesday that its third-quarter profit jumped more than threefold, according to Euronews. The social media company experienced sharp revenue growth, which boosted investor confidence regarding its artificial intelligence spending. [1]
Euronews reported that Meta shares rose approximately 5 percent in after-hours trading on Wednesday following the financial results. Total revenue for the company increased by 26 percent to reach $64.6 billion. [1]
The growth in Meta’s core advertising business was driven by artificial intelligence recommendations, an increase in the number of advertisements displayed, and higher advertisement prices, Euronews reported. [1]
Investors are also monitoring new opportunities surrounding Muse, the company’s personal artificial intelligence agent, according to Euronews. As FTMQ News reported earlier, other artificial intelligence firms have faced financial shifts, with OpenAI lowering its revenue forecast to $50 billion. [1][3]
In short
- Meta Platforms reported that its third-quarter profit jumped more than threefold.
- Meta's total revenue rose 26 percent to $64.6 billion.
- Shares of Meta rose about 5 percent in after-hours trading following the report.
Sources
Every paragraph above points to the numbered items it rests on. Read the originals here.
- [1]Meta shares jump 5% as AI investments fuel revenue growthEuronews, 1h ago (the report this story comes from)
- [2]META, IBM, TXN, LRCX, TSLA: 5 Trending Stocks Today - Meta Platforms (NASDAQ:META)Benzinga, 8h ago
Background
- [3]OpenAI cuts revenue forecast to $50bn raising growth concerns FTMQ News, 13d ago
Our newsroom writes these reports with the help of software, from the 3 sources listed and nothing else, and checks them against those sources. Facts can still be wrong or move on; the originals are the record. Spotted a mistake? Write to daniel@monsterkong.com.
Related from FTMQ News
Earlier reports of ours on the same people and subjects.
- Barclays quarterly profits rise 12 percent to 2.3 billion poundsTop Stories, 1h ago
- ASML reports record 11.7 billion euro sales amid strong AI demandTop Stories, 8d ago
- OpenAI cuts revenue forecast to $50bn raising growth concernsTop Stories, 13d ago
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