SAN FRANCISCO—Social media giant Meta on Wednesday reported surging profits and revenue for 2024, announcing ambitious plans to expand its artificial intelligence infrastructure in the year ahead.
The bullish projection about the company’s AI future sent shares in the company spiking by as much as five percent in after hours trading, though this later steadied to two percent.
CEO Mark Zuckerberg said he believed that Meta’s AI powers would make it a world leader on the technology, even if he warned that delivering on the hefty investments needed would “take time.”
The parent company of Facebook, Instagram, and WhatsApp saw its net income soar 59 percent to $62.36 billion for the full year, while fourth-quarter profits jumped 49 percent to $20.84 billion.
Revenue reached $164.5 billion, up 22 percent from 2023, boosted by stronger advertising performance as ad prices rose 10 percent and impressions increased 11 percent across its platforms.
The solid performance comes amid significant shifts in Meta’s content policies intended to endear the company to US President Donald Trump.
The company recently announced the end of its US fact-checking program aimed at combating misinformation, a move that followed criticism from conservative voices who viewed such efforts as censorship. AFP
Zuckerberg said that 2025 was going to be a “big year for redefining our relationship with governments.”
“We now have a US administration that is proud of our leading companies, prioritizes American technology winning, and that will defend our values and interests abroad,” Zuckerberg told analysts.
Meta has also scaled back diversity initiatives and relaxed content moderation rules on its platforms, particularly regarding certain forms of speech — changes that could potentially concern major advertisers who are wary of having their ads appear alongside divisive content.
On the analyst call, Meta’s chief financial officer said the changes had not had an impact on ad revenue. AFP