Meta Shares Surge as Digital Ad Rebound Fuels AI Investments
- CEO says AI will impact ‘every single one’ of Meta’s products
- Zuckerberg says ‘not accurate’ focus shifted from metaverse
Meta Platforms Inc. shares surged 15% after the company reported a surprising rebound in digital advertising sales, buying it time to keep pouring money into speculative businesses like artificial intelligence and virtual reality.
The owner of Facebook, Instagram and WhatsApp, which spent the last few months aggressively cutting costs, reported quarterly revenue and user growth that beat analysts’ estimates. As Meta’s stock surged, Chief Executive Officer Mark Zuckerberg said that generative artificial intelligence was going to “impact every single one of our apps and services” and that Meta was well-positioned in the industry’s current AI race.