Meta Reports Record Q1 Revenue, But Its Plan For The AI Long Game Has Investors Spooked
CEO Mark Zuckerberg cautioned that it will likely take years before Meta’s generative AI products, including Meta AI, are ready for monetization.
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Susan Lee
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Citing Ad Revenue Woes, Meta Will Be ‘Same Size Or Slightly Smaller’ By End Of 2023
Meta reported $27.2 billion in ad revenue in its Q3 earnings report on Wednesday. That represents a 4% drop year-over-year (YoY). Net income for Q3 was $4.4 billion, down 52% YoY. And Meta is projecting another revenue dip for Q4. As a result, the company will implement layoffs and hiring freezes throughout 2023.