Meta's profits more than doubled as spending on AI increases
Meta reported a 27% increase in revenue and profit on Wednesday, more than doubling in the first quarter, as the company said it plans to spend billions of dollars more than expected on infrastructure to support its artificial intelligence efforts.Revenue at the company, which owns Facebook, Instagram, WhatsApp and Messenger, was $36.5 billion in the first quarter, up from $28.6 billion a year ago and slightly above estimates. Wall Street by $36.1 billion, according to data compiled by FactSet. Profit was $12.4 billion, up from $5.7 billion a year earlier.“It's been a good start to the year,” said Mark Zuckerberg, Meta's chief executive, referring to the company's efforts in artificial intelligence and the "healthy growth of our apps."But Meta's AI efforts, which require s...