Meta Platforms Inc., the owner of Facebook and Instagram, crushed Wall Street expectations Wednesday, though its transition to become an AI company remains an expensive one, and legal threats around social media addiction and other issues pose potential risks.
“We had a milestone quarter with strong momentum across our apps and the release of our first model from Meta Superintelligence Labs,” said Mark Zuckerberg, Meta founder and CEO in a statement. “We’re on track to deliver personal superintelligence to billions of people.”
Meta had revenue of $56.3 billion in Q1, up 33 percent from the same quarter a year ago. Income from operations rose by 30 percent to $22.9 billion, with net income soaring by 61 percent to $26.8 billion.
But with Meta, all eyes are on the future. The company has spent a fortune to build out an AI lab, and earlier this month told
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