Meta Warns of Worsening AI Losses After Sales Narrowly Beat
- Shares slipped in late trading after climbing this year
- Company plans to continue heavy spend on AI projects
WATCH: Meta's spending will pay off, analyst Thill says.
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Meta Platforms Inc. CEO Mark Zuckerberg will ramp up heavy investments in AI and other futuristic technologies, continuing a years-long tug-of-war between the company’s long-term bets and the core advertising business that provides the vast majority of Meta’s revenue.
Zuckerberg warned investors Wednesday that Meta will continue to spend significantly on infrastructure and other projects like the metaverse and AI-powered glasses, efforts he believes are core to the company’s future. That will be supported by the ads business, which isn’t generating the kind of momentum Wall Street expected.