Sales of Instagram and Facebook adverts have soared, delivering a surge in profits for parent company Meta.
Sales of Instagram and Facebook adverts soared this spring, delivering a surge in profits for parent company Meta.
The group also recently agreed to pay a $1.4bn settlement to the US state of Texas over allegations it collected user facial data and other information without proper consent. The reported profit came despite its Reality Labs unit which develops such products losing $4.5bn - more than analysts had expected.
"Any apprehensions investors may have had about Meta's spending on AI and the metaverse are likely to be allayed by this quarter's results," suggested eMarketer principal analyst Max Willens. "In a way it’s a smart move by the company to, effectively, introduce Meta AI to its users by forcing them to use it," he said.
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