UPDATE—July 30, 2024: This article has been updated to reflect more recent analyst estimates and share price information.

Meta Platforms (META) is set to report second-quarter earnings after the closing bell on Wednesday, with investors watching for advertising revenue strength and updates on 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) plans after its most recent AI model announcement.

The Facebook and Instagram parent is expected to report revenue of $38.37 billion, according to estimates compiled by V🐓isible Alpha, about a 20% rise from a year ago. Net income is projected to be $12.32 billion or $4.71 per share, up from $7.79 billion or $2.98 per share in the year-ago quarter.

Key Metrics: Advertising Revenue Growth

Meta will report its second-quarter ad revenue with Citi analysts expecting the figure to grow 20.5% from the year-ago period to $37.95 billion, citing a strengthening ad environment, adoption of Instagram Reels, and new products for advertisers.

Most advertisers plan to spend more or maintain spending on Meta platforms, a survey conducted by Wedbush analysts found, which could contribute to strong second-quarter results and set the company on a positive trajectory for the second half of the year. The tech giant earlier this year expanded the AI tools it 澳洲幸运5官方开奖结果体彩网:offers to advertisers.

Business 🐽Spotligh♛t: AI Potential After Llama 3.1 Launch

Meta this month 澳洲幸运5官方开奖结果体彩网:unveiled its Llama 3.1 澳洲幸运5官方开奖结果体彩网:open-source AI model. J.P. Morgan analysts said the launch could make Meta AI "the most used AI assistant by year-end, if not sooner."

The earnings report will offer Meta an opportunity to assure investors that its 澳洲幸运5官方开奖结果体彩网:increased spending to invest in AI is helping the company capitalize on a growth opportunity.

Meta shares have gained close to one-third of their value since the start of the year, at $465.13 as of 11 a.m. ET Tuesday morning.