Meta has published its financial report for the second quarter of 2024. The company's revenue and profits have improved compared to the previous year, but we will still have to wait for some money from artificial intelligence. This was reported by The Verge.
The company generated $39 billion in revenue, 22% more than in the same period last year. Profit reached $13.5 billion, up 73% year-on-year.
The company also said that 3.27 billion people use Meta's apps, such as Facebook, Instagram, and WhatsApp, every day.
As previously reported, investors are wondering whether the company's AI spending is generating any revenue, to which CFO Susan Lee responded that the financial return on recent AI investments "will come over a longer period of time."
Mark Zuckerberg, CEO of Meta, also addressed investors and explained why the company is spending billions of dollars on NVIDIA chips.
“It’s hard to predict how this will trend multiple generations into the future, but at this point, I’d rather risk building capacity before it is needed rather than too late,” he said.
During the financial results announcement, it was also revealed that the company is already preparing to train a large language model, Llama 4. Meta also plans to invest in eyeglasses manufacturer EssilorLuxottica, and although Zuckerberg did not say anything about the investment itself, he noted that he wants to create "the next generation of AI glasses."
In addition, despite the fact that the metaverse has faded into the background with the advent of AI, the financial report still mentioned Quest 3 sales, which are ahead of expectations.
They also emphasized that Threads is approaching 200 million active monthly users and that Facebook is gaining popularity among young people.