Skip to content

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

Meta Platforms Inc. posted stronger-than-expected results for the third quarter on Wednesday as its advertising revenue continued to grow.

Meta Platforms Inc. posted stronger-than-expected results for the third quarter on Wednesday as its advertising revenue continued to grow.

For the three months ended on Sept. 30, the Menlo Park, California-based company earned $15.69 billion, or $6.03 per share, up 35% from $11.58 billion, or $4.39 per share, in the same period a year earlier.

Revenue rose 19% to $40.59 billion from $34.15 billion.

Analysts, on average, were expecting earnings of $5.22 per share on revenue of $40.21 billion, according to FactSet Research.

“We had a good quarter driven by AI progress across our apps and business,” CEO Mark Zuckerberg said in a statement. “We also have strong momentum with Meta AI, Llama adoption, and AI-powered glasses.”

For the current quarter, Meta is forecasting revenue of $45 billion to $48 billion. Analysts are expecting $46.18 billion.

But the Instagram and Facebook parent company warned that it expects a “significant acceleration” in infrastructure spending next year.

Barbara Ortutay, The Associated Press

push icon
Be the first to read breaking stories. Enable push notifications on your device. Disable anytime.
No thanks