Wednesday, 26 July 2023, Meta Platforms reported a sharp rise in their advertising revenue surpassing Wall Street financial targets for the second quarter market expectations.
The reports from Meta come after Google showed a strong performance in attracting advertisers’ and consumers’ interest. However, the company still foresee expenses rising both in 2023 and 2024, citing costs including legal fees and increased spending on infrastructure considered key to the tech sector’s feverish AI race, according to TechCentral.
The Facebook parent shares went up by 7.5% in after-hours trade.
“We continue to see strong engagement across our apps and we have the most exciting road map I’ve seen in a while with Llama 2, Threads, Reels, new AI products in the pipeline, and the launch of Quest 3 this fall (northern hemisphere autumn),” Meta CEO Mark Zuckerberg said.
The second quarter revenue went up by 11% to US $32 billion passing the $31.1 billion average estimation by analysts.
According to data from Refinitiv, Wall Street targeted $2.91 which Meta surpassed and adjusted earnings per share $2.98.
The report comes after the social media giant struggled with revenues in 2022 due to AI technology hype which resulted in letting 21 000 of its employees.
