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Meta posts strong revenue and issues new shares for AI
Meta's third-quarter results exceeded Wall Street expectations, with revenues reaching $64.60 billion, a 26% increase year-over-year, primarily driven by advertising income of $63.06 billion. Although operating income declined to $12.99 billion due to a legal expense of $9.89 billion, the company posted record profits and continued its substantial investments in artificial intelligence. It also announced the issuance of a new class of common shares, Class C, to enhance future funding and facilitate acquisitions. The company's outlook for the fourth quarter indicates ongoing growth, with revenues expected to be between $73 billion and $76 billion. Despite rising costs, confidence remains strong in the resilience of its core business.
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