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Facebook parent Meta sees strong global ad sales while keeping AI costs in check

Economic TimesEconomic Times Ā· 3m
Facebook parent Meta sees strong global ad sales while keeping AI costs in check

Meta Platforms, the parent company of Facebook and Instagram, exceeded market expectations for second-quarter revenue and provided a positive sales forecast for the third quarter. The company reported a 22% increase in revenue to $39.1 billion, outpacing analysts' estimates. The strong performance was attributed to robust digital advertising spending on the platforms and the success of their artificial intelligence investment in improving ad targeting and delivery systems. Meta expects continued growth from these investments in the next two years. Despite increased expenses, the company's operating margin rose to 38%. Meta's success in AI investments is seen as a positive sign for the broader AI industry. However, losses associated with its metaverse unit, Reality Labs, are expected to continue to increase.

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