Meta Wednesday reported record first-quarter revenue, as the company’s advertising business grew at a rapid clip even as investors soured on forecasts of rising costs related to artificial intelligence. (WSJ)
Meta reported a 27% year-over-year increase with $36.46 billion in sales for Q1, beating analysts’ forecasts. Yet, shares for Meta tumbled about 16% after trading hours Wednesday following the company’s first-quarter results. (Business Insider)
Meta’s stock almost tripled last year, and it is up an additional 40% so far in 2024. All of that growth is due in large part to advertising. In the first quarter, ad impressions delivered across the company’s family of apps saw a 20% increase year-over-year, and the average price per ad increased 6% year-over-year. (Fast Company)
Meta said it will spend billions of dollars more than it previously anticipated this year as it continues to invest in AI, raising questions about whether the company’s futuristic technological bets will eventually pay off for investors. (Bloomberg)