In the second quarter, Meta received more than $39 billion in revenue, which is 22% more than a year ago. The company's profit reached $13.5 billion, which is 73% more than last year, The Verge reports.
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At the same time, we still have to wait for some money from artificial intelligence. On a Meta earnings call Wednesday, CFO Susan Lee reiterated to investors that the financial returns on its recent AI investments “will come over a longer period of time.”
Mark Zuckerberg was forthright about why Meta is spending billions on Nvidia hardware and other infrastructure.
“It’s hard to predict how this will impact generations into the future, but right now I’d rather take the risk of building capacity before it’s needed than too late,” the Meta founder said.
He said Meta’s AI assistant will be the most used in the world by the end of the year.
The company also noted that 3.27 billion people use at least one of Meta’s apps every day, which owns Facebook, Instagram, and more and WhatsApp.
Recall
The Ministry of Finance wrote that Meta agreed to pay the state of Texas $1.4 billion to settle a lawsuit in which the company was accused of illegally using facial recognition technology.