Meta reports 35% profit growth in third quarter, surpassing Wall Street expectations

Meta Platforms reported a 35% increase in profits for the third quarter, reaching $15.69 billion, or $6.03 per share. This exceeded Wall Street's expectations of $13.49 billion in profit and $5.21 per share. Revenue also rose to $40.59 billion, surpassing estimates of $40.19 billion. The growth is attributed to advancements in artificial intelligence, with Meta's AI assistant gaining nearly 500 million monthly users. Meta is investing heavily in AI, with spending projected between $35 billion and $40 billion this year. The company is also developing its own search engine to reduce reliance on competitors like Google and Microsoft.