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Meta Platforms Inc. posted stronger-than-expected results for the third quarter on Wednesday as its advertising revenue continued to grow. For the three months ended on Sept.
30, the Menlo Park, California-based company earned $15.69 billion, or $6.03 per share, up 35% from $11.
58 billion, or $4.39 per share, in the same period a year earlier. Revenue rose 19% to $40.
59 billion from $34.15 billion. Analysts, on average, were expecting earnings of $5.
22 per share on revenue of $40.21 billion, according to FactSet Research. “We had a good quarter driven by AI progress across our apps and business,” CEO Mark Zuckerberg said in a statement.
“We also have strong momentum with Meta AI, Llama adoption, and AI-powered glasses.” For the current quarter, Meta is forecasting revenue of $45 billion to $48 billion. Analysts are expecting $46.
18 billion. But the Instagram and Facebook parent company warned that it expects a “significant acceleration” in infrastructure spending next year..
