Meta has reported a strong rise in advertising revenue supporting the case that consumers and advertisers are still spending despite a tougher economic climate.
The parent company of Facebook and Instagram did warn that the expenses would rise this year and next, partly due to increased spending on infrastructure, which will back up future AI developments.
“We continue to see strong engagement across our apps and we have the most exciting roadmap I’ve seen in a while with Llama 2, Threads, Reels, new AI products in the pipeline, and the launch of Quest 3 this fall,” Meta Chief Executive Mark Zuckerberg said.
Ad revenue rose 12 per cent in the second quarter of 2023, as companies spent on
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