Facebook owner Meta saw net income and revenues top expectations on Wednesday as the company said it would expand investments into artificial intelligence, drawing nervousness from investors. Like its Big Tech peers, Meta is rushing into artificial intelligence as it tries to build revenue streams away from its social media core business.

Facebook owner Meta saw net income and revenues top expectations on Wednesday as the company said it would expand investments into artificial intelligence, drawing nervousness from investors. Like its Big Tech peers, Meta is rushing into artificial intelligence as it tries to build revenue streams away from its social media core business.

Revenues rose 19 per cent to $40.6 billion, slightly higher than analyst estimates

Meta reported weaker-than-expected user numbers and warned of a significant acceleration in its infrastructure expenses in 2025 in its third-quarter earnings.

Meta CEO Mark Zuckerberg said in Wednesday's earnings call that more spending on AI products and infrastructure "is maybe not what investors want to hear in the near term," but that he feels it's necessary for the tech giant to seize opportunities in the industry.

An anonymous reader quotes a report from Engadget: Last month at Meta Connect, Mark Zuckerberg said that Meta AI was "on track" to become the most-used generative AI assistant in the world. The company has now passed a significant milestone toward that goal, with Meta AI passing the 500 million user...