The company’s turnover increased by 19 percent to 40.6 billion dollars.
30.10. 22:39•Updated 30.10. 23:07
The third quarter result of Facebook-owned Meta increased by 35 percent from the corresponding period of the previous year to 15.7 billion dollars, or about 14.5 billion euros.
The company’s turnover increased by 19 percent to 40.6 billion dollars, or approximately 37.4 billion euros.
Among other things, the reason for the growth is the investment in artificial intelligence in Meta’s various services. In terms of social media services, in addition to Facebook, Meta also owns Instagram and the messaging app Whatsapp.
– We had a good quarter, driven by progress in the field of artificial intelligence in our applications and business, said Meta’s founder and CEO Mark Zuckerberg in the statement.
Meta, on the other hand, estimates that augmented reality and virtual reality, developed under the name Reality Labs, will still remain the company’s money hole as product development continues.
– Regarding Reality Labs, we expect the losses in 2024 to increase significantly from the previous year as product development and investments continue to grow our ecosystem, the announcement to investors says.
Under Zuckerberg’s leadership, Meta has invested a lot in the so-called metaverse, i.e. the Internet based on augmented reality and virtual reality, which is why the parent company changed its name from Facebook to Meta in 2021. However, the metaverse has not borne fruit for the company, and recently the artificial intelligence boom has taken attention away from the metaverse.