Due to higher advertising prices and more audience reach, the firm reported that its income in the three months ended June 30 exceeded $39 billion (£30 billion), a 22% increase over the same period the previous year.
Despite significant investment in its artificial intelligence (AI) programs, profits surged to around $13.5 billion.
Additionally, the group has consented to pay the US state of Texas $1.4 billion in settlement to address claims that it improperly acquired user face data and other information.
Mark Zuckerberg, the founder and CEO of Meta, stated on Wednesday that the company had seen a “strong” quarter and that its AI system is “on track.”
Meta has been investing a significant amount of money in artificial intelligence in addition to augmented and virtual reality products, including its headsets that allow users to “jump into” their favorite games or workout regimens.
Although its Reality Labs division, which creates these kinds of devices, lost $4.5 billion—more than experts had anticipated—the company nonetheless declared a profit.
A competition to develop potent AI tools has pitted Mr. Zuckerberg and other tech CEOs at companies like Google, Microsoft, and OpenAI against one another.
On Wednesday, Meta issued a warning, stating that it anticipates investing up to $40 billion on AI product development this year and that this spending will increase in 2025.
