""We had a milestone quarter with strong momentum across our apps and the release of our first model from Meta Superintelligence Labs," CEO Mark Zuckerberg said in a statement. "We're on track to deliver personal superintelligence to billions of people.""
""Meta expects total revenue for the second and current quarter to be in the range of $58 billion to $61 billion, compared with the average analyst estimate of $59.48 billion.""
""The company also updated its projected capital expenditures for the year to be in the range of $125 billion to $145 billion, increased from the previously announced range of $115 billion to $135 billion.""
Meta Platforms Inc. reported earnings of $26.77 billion for the first quarter, a 61% increase from the previous year. Revenue rose 33% to $56.31 billion, surpassing analyst expectations. CEO Mark Zuckerberg highlighted strong momentum and the release of a new model from Meta Superintelligence Labs. The company expects second-quarter revenue between $58 billion and $61 billion. Capital expenditures were updated to $125 billion to $145 billion due to higher component costs and data center expenses. Meta is also laying off about 10% of its workforce while investing in AI infrastructure.
Read at AP News
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