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Meta's third-quarter profit surges 35% reflecting strong ad revenue and its AI push

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.
Barbara Ortutay, The Associated Press
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FILE - Mark Zuckerberg wears a pair of Orion AR glasses during the Meta Connect conference on Sept. 25, 2024, in Menlo Park, Calif. (AP Photo/Godofredo A. V谩squez, File)

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.

鈥淲e had a good quarter driven by AI progress across our apps and business,鈥� CEO Mark Zuckerberg said in a statement. 鈥淲e also have strong momentum with Meta AI, Llama adoption, and AI-powered glasses.鈥�

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 鈥渟ignificant acceleration鈥� in infrastructure spending next year.

Barbara Ortutay, The Associated Press