SAN FRANCISCO – Meta Platforms Inc. posted sharply greater revenue and income for its fourth quarter on Wednesday, because of greater advert income on its social media properties, sending its shares up in after-hours buying and selling even because it forecast rising bills on its synthetic intelligence efforts.
The Menlo Park, California-based firm earned $20.83 billion, or $8.02 per share, within the October-December quarter. That is up 49% from $14.02 billion, or $5.33 per share, in the identical interval a yr earlier.
Income grew 21% to $48.39 billion from $40.11 billion.
Analysts, on common, have been anticipating earnings of $6.76 per share on income of $47 billion, in accordance with a ballot by FactSet.
“We proceed to make good progress on AI, glasses, and the way forward for social media,” mentioned CEO Mark Zuckerberg in a press release.
For the present quarter, Meta mentioned expects income of $39.5 billion to $41.8 billion. Analysts expect income on the excessive finish of that vary — $41.68 billion.
The corporate additionally mentioned it expects bills within the vary of $114 billion to $119 billion, pushed by infrastructure prices and worker compensation. Meta had 74,067 staff as of Dec. 31, up 10% from a yr earlier.
“Meta’s This autumn efficiency underscores the corporate’s resilience in a still-uncertain digital advert market. By beating each earnings and income estimates, they’ve demonstrated that value self-discipline and effectivity good points are paying dividends,” mentioned Jesse Cohen, an analyst with Investing.com. “Nevertheless, the actual headline is their dedication to aggressive capital expenditures. This alerts Meta is doubling down on its AI infrastructure and metaverse ambitions, at the same time as buyers grapple with the prices.”
Meta’s inventory rose $13.53, or 2%, to $690.02 in after-hours buying and selling.
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