Not forgetting the Metaverse! But Meta is also "riding on" AI.
As the revenue of the heavily invested Metaverse business was halved and the losses exceeded expectations, Zuckerberg said: "The company's performance in the first quarter was good, thanks to the profit efficiency improved by AI! In the past, present, and future, Meta Metaverse and AI will be developed simultaneously!"
Meta Platforms Platforms Platforms Platforms Platforms, which was originally focused on the metaverse, also began to praise artificial intelligence (AI) on a conference call after submitting a surprising report to the market, just like Alphabet-C and Microsoft!
Overnight, Meta Platforms Platforms Platforms Platforms Platforms announced its first-quarter report:
The quarterly revenue increased by 3% year-on-year to 28.6 billion U.S. dollars, reversing the trend of continuous decline in the previous three quarters;
Earnings per share (EPS) decreased by 19% year-on-year to 2.2 U.S. dollars, which not only exceeded analysts' expectations of a 26% decline, but also significantly exceeded the 52% decline in the fourth quarter.
Although the revenue of the metaverse business that was heavily invested in was halved and the losses also expanded beyond expectations, the return of advertising revenue and Facebook's daily active users breaking through 2 billion again still relieved investors. Meta Platforms Platforms Platforms Platforms Platforms' stock price soared nearly 12% after hours.
In the view of Meta Platforms Platforms Platforms Platforms Platforms CEO Zuckerberg, the company's good performance in the first quarter is inseparable from the promotion of AI to apps and other businesses.
Zuckerberg said on the conference call interpreting the financial report that AI has played a role in everything from the feed to the short video product Reels to the advertising system. On the one hand, more than 20% of the content on Facebook and Instagram is now recommended by AI.
On the other hand, with the help of AI, the profit efficiency of Reels on Instagram has increased by more than 30% compared to the previous quarter, and the profit efficiency on Facebook has increased by more than 40%.
In addition, the new generation of basic models-mostly referring to the Meta Platforms Platforms Platforms Platforms Platforms previously launched by Meta Platforms Platforms Platforms Platforms Platforms-is expected to bring new products and experiences. Zuckerberg also said that after years of heavy capital expenditures, Meta Platforms has caught up in building AI infrastructure and has the ability to take a leading role in AI on a large scale. It is worth noting that Zuckerberg has not forgotten about the metaverse despite his focus on AI competitions. He emphasized during the earnings call that Meta Platforms has been focusing on both AI and the metaverse in recent years and will continue to do so in the future. In short, they are focusing on both AI and the metaverse.