Meta and Garmin Report Strong Third-Quarter Results Amid Technological Advancements
$META
Meta Platforms (NASDAQ: META) has recently reported significant third-quarter results, underscoring the impact of their innovative strategies within their respective industries. Meta, the parent company of Facebook, reported a remarkable 35% increase in profits, achieving a net income of $15.69 billion, or $6.03 per share, which surpassed Wall Street’s expectations of $13.49 billion, or $5.21 per share. The company’s revenue also rose substantially, totaling $40.59 billion—an increase of 19% from last year’s $34.15 billion.
This growth is largely attributed to Meta’s aggressive investments in artificial intelligence (AI), which have started to deliver positive results across its applications and operations. CEO Mark Zuckerberg emphasized the success of the quarter, driven by advancements in AI technologies, including the widespread adoption of Meta AI and AI-powered glasses. However, Meta’s shares experienced a 3% decline in after-hours trading following the earnings report, as the company adjusted its financial outlook for the fourth quarter. Meta expects total revenue to range between $45-48 billion, alongside a significant increase in capital expenditures by 2025, primarily due to rising costs related to AI, such as data centers and research and development.
Meta is navigating a landscape characterized by heavy investments in technology and innovation. Meta is particularly focused on reducing its reliance on competitor platforms and technologies by developing its own search engine to support its AI chatbot. This initiative aims to decrease dependency on major players like Google and Microsoft, although Meta faces challenges in data and web scraping capabilities.
**DISCLAIMER: THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE INTERPRETED AS INVESTMENT ADVICE. INVESTING INVOLVES RISK, INCLUDING THE POTENTIAL LOSS OF PRINCIPAL. READERS ARE ENCOURAGED TO CONDUCT THEIR OWN RESEARCH AND CONSULT WITH A QUALIFIED FINANCIAL ADVISOR BEFORE MAKING ANY INVESTMENT DECISIONS.**
