Meta reported a net profit of $15.7 billion, a 35% increase year-over-year, with revenues rising 19% to $40.6 billion, surpassing analyst expectations.
Mark Zuckerberg emphasized the need for significant infrastructure investments in AI, stating, "Our AI investments continue to require serious infrastructure, and I expect to continue investing significantly there, too."
Meta is shifting its focus toward AI innovations, planning to increase its capital investment for 2024, primarily targeting AI initiatives, raising the range to $38-40 billion.
Jasmine Enberg noted that investors were disappointed with the rising costs associated with AI, remarking, "It's going to take longer time to pay off" than some anticipated.
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