Meta’s Earnings Top Estimates as It Lifts Spending Projections [Video]

Meta Platforms (META) reported third-quarter earnings that topped analysts’ estimates with a boost from artificial intelligence (AI) demand, and lifted its estimates for how much money it plans to spend this year as it invests in the emerging tech.

The Facebook and Instagram parent reported $40.59 billion in revenue, up from $34.15 billion the same time last year and above the $40.27 billion analysts had expected, according to estimates compiled by Visible Alpha. Meta posted $15.69 billion in net income, up from $11.58 billion and better than the $13.58 billion analysts had projected.

Advertising revenue, the bulk of Meta’s revenue, climbed 18.6% to $39.89 billion, just above estimates of $39.56 billion, benefitting from the tech giant’s advances with AI.

“We had a good quarter driven by AI progress across our apps and business,” said CEO Mark Zuckerberg in a release, adding the company has also seen “strong momentum with Meta AI, Llama …