Get the latest gossip
Meta Q3 Revenue Hits Record $40.6 Billion, Company Expects ‘Significant’ Increase in Capital Spending in 2025
Meta Q3 2024 revenue of $40.6 billion was up 19% and a quarterly record, as the company expects 'significant' increase in capex in 2025.
“We had a good quarter driven by AI progress across our apps and business,” Meta co-founder, CEO and chairman Mark Zuckerberg said in prepared remarks. It projected full-year 2024 capital expenditures to be in the range of $38 billion-$40 billion (updated from the prior range of $37 billion-$40 billion) and said in announcing earnings, “We continue to expect significant capital expenditures growth in 2025.” Specifically, Meta is dramatically boosting its investment in artificial intelligence, which has become a Silicon Valley arms race. Meta announced a pact with horror studio Blumhouse and select creators as part of a program to test and provide feedback on Movie Gen.
Or read this on Variety