Meta’s Q3 profits soar by 35% driven by robust ad earnings and advancements in AI technology.

Meta Platforms Inc. reported impressive financial results for the third quarter, surpassing expectations as its advertising revenue flourished.

For the quarter ending September 30, the company based in Menlo Park, California, generated earnings of $15.69 billion, equating to $6.03 per share. This marks a substantial increase of 35% compared to the same timeframe last year when the earnings were $11.58 billion, or $4.39 per share.

Additionally, revenue climbed 19%, reaching $40.59 billion, up from $34.15 billion.

Market analysts had predicted earnings of $5.22 per share along with revenue of $40.21 billion, according to findings from FactSet Research.

CEO Mark Zuckerberg expressed his satisfaction with the quarter’s performance, attributing the success to advancements in artificial intelligence (AI) across their applications and business ventures. He highlighted the strong progress with Meta AI, the adoption of Llama, and the development of AI-enabled glasses.

Looking ahead, Meta forecasts revenue for the current quarter to range between $45 billion and $48 billion, with analysts predicting an average of $46.18 billion.

However, the parent company of Instagram and Facebook cautioned that it anticipates a “significant acceleration” in spending on infrastructure in the upcoming year.