Meta Platforms Inc. reported robust third-quarter results, surpassing expectations with a strong performance driven by advertising revenue growth and advancements in artificial intelligence. The company, known for its popular platforms Instagram and Facebook, cautioned investors about an anticipated surge in infrastructure spending next year as it continues to invest heavily in AI development.
For the quarter ending on Sept. 30, the Menlo Park-based company recorded earnings of $15.69 billion, or $6.03 per share, marking a 35% increase from the same period last year. Revenue also saw a significant uptick, rising by 19% to $40.59 billion from $34.15 billion. Analysts had predicted earnings of $5.22 per share on revenue of $40.21 billion.
