Meta posts $55.9B Family of Apps revenue amid costly AI
Business
Meta (the company behind Instagram, Facebook, and WhatsApp) just pulled in $55.9 billion from its Family of Apps this quarter, thanks to smarter AI boosting ad performance.
But not everyone's celebrating. Investors are uneasy because Meta's AI upgrades are costing way more than expected (up to $30 billion extra), and Meta's stock was down nearly 6%.
Meta AR and VR revenue falls
Meta's AR and VR division (think Meta Quest headsets and Ray-Ban AI glasses) saw revenue dip by $10 million compared to last year, landing at $402 million.
Even with new launches like Meta Spark to show off its AI efforts, slow growth in the AR and VR space (and pressure from rivals like Samsung) has left some investors nervous about the future.