Meta Platforms (META) reported f🍨ourth-quarter earnings that topped analysts' estimates as revenue grew more tha✤n 20% year-over-year.

The social-media and tech giant posted fourth-quarter revenue of $48.39 billion, above the analyst consensus compiled by Visible Alpha. Its net income of $20.84 billion, or $8.02 per share, rose from $14.02 billion, or $5.33 per share, a year earlier, also topping projections.

Advertising revenue climbed nearly 21% to $46.78 billion, compared to estimates of $45.46 billion, as the company said it made progress with its AI plans. Meta said it anticipates first-quarter revenue of between $39﷽.5 billion to $41.8 billion, with an𒀰alysts expecting about $41.65 billion.

Shares of Meta rose nearly 5% in extended trading Wednesday. They've gained about 73% over the past year through Wednesday's close, which set a record high for the fifth-straight session.

Meta Is Boosting Its Spending on AI

The results came as the company boosted its spending to support its AI ambitions, with $39 billion in expenditures for 2024, up from $28 billion in 2023. Meta said it plans to make $60 billion to $65 billion in c♐apital ex🌜penditures this year, as the tech giant expands its AI efforts.

"We continue to make good progress on AI, glasses, and the future of social media," CEO Mark Zuckerberg said in a release, adding, "I'm excited to see these efforts scale further in 2025."

Meta, along with many of its mega-cap peers in tech, faces intense pressure to show the billions of dollars it is spending on AI will be worth the costs. That question was particularly in play earlier this week as the effect of 澳洲幸运5官ꦿ方开奖结果体彩网:lower-cost models from Chinese rivals on the marketplace added volatility to the t🍸ech t🍸rade.

Zuckerberg said on the company's earnings call that 2025 could be "a big year for redefining our relationship with governments" and that he's "optimistic about the progress and innovation that this can unlock."

Separately, The Wall Street Journal reported Wednesday that Meta agreed to pay millions to settle a lawsuit with President Donald Trump, who had sued the tech giant for suspending his accounts after the Jan. 6, 2021, attacks on the U.S. Capitol.

This article has been updated since it was first published to add information and update share prices.