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The use of Artificial Intelligence in the META platform increased Zuckerberg's earnings

2024-08-01 14:16:18Lifestyle SHKRUAR NGA REDAKSIA VOX

The use of Artificial Intelligence in the META platform increased

Meta Platforms reported better-than-expected earnings for the second quarter, as the company experienced strong growth in ad sales, thanks to AI-powered technology. However, investors also have concerns about its heavy spending on these innovations.

Facebook's parent company, Meta Platforms, reported second-quarter earnings that significantly beat market expectations, sending shares jumping 7% in extended Wall Street trading hours.

The bigger-than-expected guidance also fueled bullish momentum in stocks. Meta shares were up 34% year-to-date at the close on Wednesday, doubling the performance of the Nasdaq Composite Index.

AI-driven strategies increase advertising revenue

Meta reported revenue growth of 22%, marking its fourth consecutive double-digit growth of over 20%. This strong result was mainly driven by its digital advertising revenue, as its core investment in artificial intelligence (AI) proved successful.

Meta's AI-powered social platforms, including Facebook, Instagram and WhatsApp, have improved efficiency in user targeting, improving the core advertising business. CEO Mark Zuckerberg said:

"We had a strong quarter and Meta AI is on track to be the most used AI assistant in the world by the end of the year." Advertising sales, which contribute 98% of Meta's overall revenue, were up 22% from the year-ago quarter.


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