Apr 27, 2023

Facebook owner Meta’s profits exceed expectations

Meta, Facebook and Instagram's parent firm, has reported a profit of $5.7bn for the first quarter of this year, surpassing expectations for a period in which many jobs were cut. While offering few details, he said that Meta was "Exploring chat experiences in WhatsApp and Messenger, visual creation tools for posts in Facebook and Instagram and ads, and over time video and multimodal experiences as well." Mr Zuckerberg insisted Meta was "No longer behind in building our AI infrastructure" and said generative AI Meta products, which can instantly create sentences and graphics, would be released in the coming months. Ben Barringer, from investment management firm Quilter Cheviot, said: "You have to take your hat off to Mark Zuckerberg and Meta given the transformation of the business over the last six months."The 'year of efficiency' Zuckerberg likes to talk about is bearing fruit. These results are a strong beat on the expectations and, given the improving macro backdrop, Meta should continue to recover well.

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