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Meta increases quarterly profit significantly despite AI spending

Despite high spending on AI applications, Meta, the parent company of Facebook, Instagram, and WhatsApp, generated a significant profit in the second quarter, with advertising revenues remaining consistently high. The profit increased by 73 percent to $13.5 billion (€12.5 billion), and revenue...

,   and  Katherine Bradley
1 min read

Meta increases quarterly profit significantly despite AI spending

Meta released a new version of its generative AI, Meta AI, in April and announced plans to increase investments in research and development to up to $40 billion this year. The company had been lagging behind Google and Microsoft in AI development. CEO Mark Zuckerberg expressed confidence on Wednesday that Meta would become the "most used AI assistant in the world" by the end of the year.

Meta's Reality Labs division, which houses its businesses in virtual worlds and augmented reality glasses, posted another significant loss in the second quarter: a loss of $4.5 billion.

Facebook is operated by Meta, the company that released a new version of its generative AI. Meta aimsto increase its investments in AI research and development to up to $40 billion this year.

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