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.
FILE – Mark Zuckerberg wears a pair of Orion AR glasses during the Meta Connect conference on Sept. 25, 2024, in Menlo Park, Calif. (AP Photo/Godofredo A. Vásquez, File)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.”
Winnipeg Free Press | Newsletter
The Warm-Up
Winnipeg Jets Game Days
On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop.
Sign up for The Warm-Up
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.
{Categories} _Category: Applications{/Categories}
{URL}https://www.winnipegfreepress.com/arts-and-life/life/sci-tech/2024/10/30/metas-third-quarter-profit-surges-35-reflecting-strong-ad-revenue-and-its-ai-push{/URL}
{Author}Barbara Ortutay, The Associated Press{/Author}
{Image}https://www.winnipegfreepress.com/wp-content/uploads/sites/2/2024/10/20241030161044-20241030161040-67229a2b2d1fe6acff238539jpeg.jpg{/Image}
{Keywords}Business,Science & Technology{/Keywords}
{Source}Applications{/Source}
{Thumb}{/Thumb}