PYMNTS.com October 30, 2024
The old saying is you’ve got to spend money to make money.
For Meta, notching a third quarter earnings report with record revenues, the fact remains that the long-term artificial intelligence (AI) roadmap will require as yet undefined billions of dollars of capital investments in the next year and beyond.
The read across might be that margins would feel a pinch, and investors sent the shares 3% lower in after-hours trading on Wednesday (Oct. 30).
The record came in the form of roughly $40.6 billion in sales, up 19% from a year ago.
As for the core businesses: Earnings supplementals noted that total advertising-related revenues came in at $39.9 billion, compared to $33.6 billion last year. Ad impressions delivered 7%...
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