Meta Platforms (META) reported third-quarter earnings that topped analysts' estimates with a boost from 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) demand, and lifted its estimates for how much money it plans to sp𓆏end t✃his year as it invests in the emerging tech.

The Facebook and Instagram parent reported $40.59 billion in revenue, up from $34.15 billion the same time last year and above the $40.27 billion 澳洲幸运5官方开奖结果体彩网:analysts had expected, according to estimates compiled by Visible Alpha. Meta posted $15.69 billion in 澳洲幸运5官方开奖结果体彩网:net income, up from $11.58 billion and better than the $13.58 billion analysts had projected.

Meta Lifts the Lower End of 🎃Its Spending Forecast as ꦑIt Invests in AI

Advertising revenue, the bulk of Meta's revenue, climbed 18.6% to $39.89 billion, just above estimates of $39.56 billion, benefitting from the tech giant's advances with AI.

"We had a good quarter driven by AI progress across our apps and business," said CEO Mark Zuckerberg in a release, adding the company has also seen "strong momentum with Meta AI, Llama adoption, and AI-powered glasses."

The results come as several big tech companies, including Meta, face intense pressure to show the 澳洲幸运5官方开奖结果体彩网:billions of do🌟llars they are spending on AI will boost results. The company raised the bottom range of its outlook for full-year 澳洲幸运5官方开奖结果体彩网:capital expenditures&n𓂃bsp;to $38 billion to $40 billion, from $37 billion to $40 billion previously as Meta invests in AI.

Meta said it expects revenue in the fourth quarter of between $45 billion and $48 billion, with anal✤ysts expecting about $46.34 billion.

Shares of Meta edged 0.8% lower in extended trading following the release. They were up 67% for 2024 through Wednesday's close.