Meta’s Push Into AI Development Shows Promise With 73% Surge in Net Income

The tech giant beat Q2 estimates, reporting revenue of $39.1 billion, up 22% from 2023

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Meta’s push into AI development is seemingly working for the tech giant, as the company reported second fiscal quarter income that soared by 73% on revenues up 22% to $39.07 billion, both of which beat analysts’ consensus estimates.

Here are the top-line results:

Revenues: $39.07 billion, up 22% compared to $32 billion in 2023

Net income: $13.47 billion, an increase of 73% compared to $7.8 the year prior

Daily active users: 3.27 billion on average for June, up 7% year-over-year

“We had a strong quarter, and Meta AI is on track to be the most used AI assistant in the world by the end of the year,” Meta founder and CEO Mark Zuckerberg said on Wednesday. “We’ve released the first frontier-level open source AI model, we continue to see good traction with our Ray-Ban Meta AI glasses, and we’re driving good growth across our apps.”

The Facebook and Instagram parent company said that it expects third quarter 2024 revenue to be in the range of  $38.5-41 billion. Meta also warned that its Reality Labs unit will likely continue to operate at an increasing loss year-over-year, due to ongoing product investment and development. 

More to come…

The post Meta’s Push Into AI Development Shows Promise With 73% Surge in Net Income appeared first on TheWrap.