Meta misses on user growth, warns of 2025 jump in AI spending
Publishing timestamp: 2024-10-30 16:00:01
Summary
Meta reported weaker-than-expected user numbers in its third-quarter earnings report, with lower daily active users than expected and increased infrastructure expenses. Despite this, the company's revenue and net income grew year over year. Meta's Reality Labs unit posted an operating loss, but the company's overall headcount increased. Other digital ad companies like Alphabet, Reddit, and Snap reported solid earnings, while Microsoft's Azure cloud unit saw growth attributed to AI services. Apple and Amazon are set to report earnings soon. Vanguard sees opportunity in silver, and analysts recommend buying a tech firm automating warehouses with robots.
Sentiment: MIXED
Tickers: META, GOOG, NVDA, SNAP, AMZN, AAPL, RDDT, MSFT,
Keywords: mobile, snap inc, microsoft corp, technology, breaking news: technology, alphabet inc, internet, amazon.com inc, meta platforms inc, essilorluxottica sa, social media, business news, apple inc, alphabet class c, reddit inc, nvidia corp,
Source: https://www.cnbc.com/2024/10/30/meta-q3-earnings-report-2024.html