Meta increases CAPEX forecast for push to be a “AI leader”

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Roula Khalaf, publisher of the FT, selects her favorite stories in this weekly newsletter.

Meta surpassed sales and results estimates in the first quarter and increased capital expenses, as it increased its push to lead artificial intelligence.

The revenue of the first three months ended with March 16 for a year to $ 42.3 million, exceeding $ 41.4 million expectations. Net income increased by $ 35 to $ 16.7 million, well above $ 13.5 million consensus estimates. However, this went down from the previous quarter, when Goal reached more than $ 20 million. Actions increased more than 4 percent after hours.

The company provides for its second quarter revenue would be $ 42.5 million to $ 45.5 million compared to $ 43.8 million consensus estimates. It also increased its planned CAPEX of the full year to $ 64 million and $ 72 million, from $ 60 million and $ 65 million, as CEO Mark Zuckerberg doubled with plans to make a goal “Ay Leader. “

“We have had a good start for an important year, our community continues to grow and our business works very well,” said Zuckerberg.

This is a development story