Meta handily beat Wall Road estimates in Q2 2024, however it warned buyers that it continues to lose billions on its “Actuality Labs” division, and added that the corporate expects to spend much more subsequent 12 months because it builds out its synthetic intelligence division.
“We at present count on important capital expenditures progress in 2025 as we make investments to help our synthetic intelligence analysis and product growth efforts,” the corporate wrote in its earnings report. It additionally warned of “an lively regulatory panorama, together with the rising authorized and regulatory headwinds within the EU and the U.S. that would considerably influence our enterprise and our monetary outcomes.”
“We had a robust quarter, and Meta AI is on observe to be probably the most used AI assistant on this planet by the top of the 12 months,” stated Mark Zuckerberg, Meta founder and CEO. “We’ve launched the primary frontier-level open supply AI mannequin, we proceed to see good traction with our Ray-Ban Meta AI glasses, and we’re driving good progress throughout our apps.”
The corporate reported income $39.1 billion and internet revenue of $13.5 billion in Q2, each up double digits from a 12 months in the past.
Extra to return.