Meta posts big profit, plans massive AI investment [Video]

Social media giant Meta on Wednesday reported surging profits and revenue for 2024, announcing ambitious plans to expand its artificial intelligence infrastructure in the year ahead.

The parent company of Facebook, Instagram, and WhatsApp saw its net income soar 59 percent to $62.36 billion for the full year, while fourth-quarter profits jumped 49 percent to $20.84 billion.

Revenue reached $164.5 billion, up 22 percent from 2023, boosted by stronger advertising performance as ad prices rose 10 percent and impressions increased 11 percent across its platforms.

“We continue to make good progress on AI, glasses, and the future of social media,” CEO Mark Zuckerberg said, expressing optimism about scaling these initiatives in 2025.

The solid performance comes amid significant shifts in Meta’s content policies intended to endear the company to US President Donald Trump.

The company recently announced the end of its US fact-checking program aimed at combating misinformation, a move …