March quarter results have been released by Meta Platform, a company that runs social media handles like Facebook and Instagram. The company’s profit has almost doubled in the first quarter of 2024. The reason for the increase in the company’s profit is the increase in advertising income.
How much profit did the company make?
Meta’s profit rose to $12.37 billion, or $4.71 per share, in the January to March period, compared to $5.71 billion, or $2.20 per share, in the same quarter last year. Also, during this period, the company’s income has increased by 27 percent to $36.46 billion, which was earlier $28.65 billion.
The company also informed about the revenue estimates for the current quarter. The company said that the income in the current quarter could be between $ 36.5 billion to $ 39 billion. This is much higher than analysts’ estimates of $38.25.
Meta’s investment in artificial intelligence
META has announced plans to increase capital expenditure this year (2024) mainly due to investments in AI. The company estimates that the expenditure will be between $35-40 billion, whereas earlier its estimate was $30-37 billion. CEO Mark Zuckerberg highlighted Meta’s commitment to AI while unveiling new AI systems aimed at enhancing the user experience. Earlier in April, Meta unveiled a new set of AI systems. CEO Mark Zuckerberg called it the best AAI tool that you can use for free. The number of employees of Meta has decreased by 10 percent. There were several layoffs by the company in recent years. As of March 31, the company had 69,329 employees.
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