Mark Zuckerberg’s Meta said it would “aggressively” ramp up spending to stay competitive in the AI arms race, sending its stock down more than 10 percent in morning trading despite posting record revenue in the third quarter.
The Wall Street Journal reports that Mark Zuckerberg’s Meta reported record revenue of $51.2 billion in the third quarter, a 26 percent year-over-year increase, but warned that capital expenditures around AI are likely to accelerate significantly next year. The company also reported a surprise one-time tax charge of $15.9 billion that dragged down its net income to $2.7 billion, far below analysts’ expectations. The tax…
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