Meta's revenue rose 27% to $36.46 billion, with earnings per share soaring 114%, but softer revenue guidance and increased spending rattled investors.
Meta's growth was driven by AI algorithms countering Apple's iOS changes, Reels expansion to challenge TikTok, and increased ad spending from Chinese companies.
Meta's family of apps reached 3.24 billion daily active users, with a strategic focus on expanding the augmented and virtual reality segment of the business.
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