""We had a milestone quarter with strong momentum across our apps and the release of our first model from Meta Superintelligence Labs," CEO Mark Zuckerberg said. "We're on track to deliver personal superintelligence to billions of people.""
""Meta expects total revenue for the second and current quarter to be in the range of $58 billion to $61 billion, compared with the average analyst estimate of $59.48 billion.""
""The company also updated its projected capital expenditures for the year to be in the range of $125 billion to $145 billion, increased from the previously announced range of $115 billion to $135 billion.""
""Since then, the company has said it is laying off about 10% of its workforce, or about 8,000 workers, as it continues to ramp up spending on artificial intelligence infrastructure and highly paid AI-expert hires.""
Meta Platforms Inc. reported earnings of $26.77 billion for the first quarter, a 61% increase from the previous year. Revenue rose 33% to $56.31 billion, surpassing analyst expectations. CEO Mark Zuckerberg highlighted strong momentum and the release of a new model from Meta Superintelligence Labs. The company expects second-quarter revenue between $58 billion and $61 billion. Capital expenditures were updated to $125 billion to $145 billion due to higher component pricing and data center costs. Meta is also laying off about 10% of its workforce while investing in AI infrastructure.
Read at WRAL.com
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