Meta investors cheered the company’s pivot to an AI-powered future in what Zuckerberg calls the year of “efficiency.”
Facebook parent Meta reported blowout earnings figures that sent its stock soaring by 12% in the off hours on Thursday. Mark Zuckerberg’s social empire pulled in $28.65bn in revenue, above the $27.7bn expected. The better news? Meta is looking for ways to harness AI through new features for its set of apps.
Shares of the Facebook parent are on a tear this year. For the period, Meta is up nearly 70% ahead of the opening bell. Investors wait to see another 12%, or $50bn, poured into the company’s valuation of roughly $540bn. Still, the stock’s present worth is about 50% lower from its all-time high of $382 a share.
Can we expect another name change to match the latest AI hype? Likely not. But at least the chances of spinning up a profit in Meta’s AI ventures are higher. Meta’s metaverse division incinerated $4bn in the last quarter, adding to the $14bn loss in the previous year alone.
