Meta Crushes Wall Street Earnings Estimates As It Ramps Up AI Spending – Hollywood Reporter

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The company saw its net income soar by 35 percent compared to a year ago.
By Alex Weprin
Media & Business Writer
Meta Platforms Inc., the owner of Facebook, Instagram and WhatsApp, handily beat Wall Street estimates in its third-quarter earnings, delivering revenue of $40.6 billion, net income of $15.7 billion and earnings per share of $6.03, all up substantially from 2023.
The Street had been targeting revenue of $40.3 billion and EPS of $5.25.
However, the company also reiterated that it expects to grow its spending over the next year as it leans into artificial intelligence, warning investors that “given this, along with the back-end weighted nature of our 2024 capital expenditures, we expect a significant acceleration in infrastructure expense growth next year as we recognize higher growth in depreciation and operating expenses of our expanded infrastructure fleet.”

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