Facebook owner Meta touts AI might as digital ads boost outlook; shares jump
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Meta Platforms Inc CEO Mark Zuckerberg said on Wednesday that AI was helping the company boost traffic to Facebook and Instagram and earn more in ad sales, as it forecast quarterly revenue well above analyst expectations.
Meta shares surged 12% in after-hours trading, adding over $50 billion to its market value and continuing a rally in tech shares that started after Google parent Alphabet Inc and Microsoft Corp posted strong results on Tuesday.
Meta narrowed its cost outlook range for the year, saying expenses could be less than the company forecast in March, and also beat expectations for first-quarter profit and revenue, which rose for the first time in nearly a year.
The company, which has been slow to adopt AI-friendly hardware and software systems for its main business, h...