"We had a good quarter driven by AI progress across our apps and business," CEO Mark Zuckerberg stated, noting the momentum in Meta AI and Llama adoption.
"Meta's solid quarter adds further evidence to the view that digital advertisers are choosing to spend their budget on the so-called market leaders... at the expense of the smaller social media networks," Investing.com analyst Jesse Cohen stated.
Cohen also observed that while AI is "clearly driving growth" at Meta, "investors appear to be disappointed over the company's forward guidance and rising costs needed to develop AI features."
Meta expects 2024 operating losses at its Reality Labs segment to "increase meaningfully" due to product development costs and investments, which signals potential challenges ahead.
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