Meta's third-quarter profit surges 35%, reflecting strong ad revenue and its AI push

Meta Platforms Inc. posted $15.69 billion in earnings for Q3 2023, surpassing expectations thanks to strong advertising revenue growth and advancements in AI integration.

Analysts expressed concern over Meta's slight user number shortfall, noting that a need for more revenue from existing users highlights the importance of AI tools in driving user engagement.

Despite the user metric miss, analysts maintain confidence in Meta, citing the effectiveness of AI-powered tools that enhance ad performance and user engagement across platforms.

Meta's CEO Mark Zuckerberg emphasized the positive impact of AI on their business, mentioning strong progress and momentum with AI technologies, including Llama and AI-powered glasses.

Read at Los Angeles Times