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The Economic Times
The Economic Times
Technology

Meta beats expectations but legal penalties hit profit amid AI race

Meta Artificial Intelligence Mark Zuckerberg Susan Li United States Social Media Reality Labs

Meta beat investor expectations for third-quarter revenue on Wednesday as it doubles down on a global AI race but the social media giant's profits took a hit due to an $18 billion legal settlement with nearly all US states.

The company reported $9.86 billion in profits from July to September, almost 50 percent below investor expectations, which Meta said was dragged down by a $9.9 billion charge related to the settlement.

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