SAN FRANCISCO – Facebook-owner Meta on Wednesday said its quarterly profits soared last quarter, but worries about the cost of artificial intelligence saw its share price take a hit on Wall Street.
The company founded by Mark Zuckerberg said that net profit in the January to March period rose to $12.4 billion with total revenue, mainly from selling ads, up an impressive 27 percent, at $36.5 billion.
“We estimate that more than 3.2 billion people use at least one of our apps each day and we’re seeing healthy growth in the US,” Zuckerberg, who is also CEO, told analysts on an investor call. Read more about the study…
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