Meta reported a 27 percent increase in revenue and profit that more than doubled in the first quarter. Revenue was $36.5 billion, up from $28.6 billion a year ago, with profit reaching $12.4 billion from $5.7 billion a year earlier.
The company plans to raise its spending forecast for the year to $35 billion to $40 billion, attributing the increase to heavy investments in A.I. infrastructure, including data centers, chip designs, and research and development costs.