FILE – The Meta logo is seen at the Vivatech show in Paris, France, June 14, 2023. (AP Photo/Thibault Camus, File)
San Francisco, United States — Social media giant Meta on Wednesday reported surging profits and revenue for 2024, announcing ambitious plans to expand its artificial intelligence infrastructure in the year ahead.
The parent company of Facebook, Instagram, and WhatsApp saw its net income soar 59 percent to $62.36 billion for the full year, while fourth-quarter profits jumped 49 percent to $20.84 billion.
Article continues after this advertisementRevenue reached $164.5 billion, up 22 percent from 2023, boosted by stronger advertising performance as ad prices rose 10 percent and impressions increased 11 percent across its platforms.
FEATURED STORIES BUSINESS BIZ BUZZ: Makati CBD deed restrictions on way out BUSINESS UK backs third Heathrow runway in growth takeoff bid BUSINESS PH ranks high in downloads, app use“We continue to make good progress on AI, glasses, and the future of social media,” CEO Mark Zuckerberg said, expressing optimism about scaling these initiatives in 2025.
READ: Bloomberg reports that Meta will lay off 5% of staff
Article continues after this advertisementThe solid performance comes amid significant shifts in Meta’s content policies intended to endear the company to US President Donald Trump.
Article continues after this advertisementThe company recently announced the end of its US fact-checking program aimed at combating misinformation, a move that followed criticism from conservative voices who viewed such efforts as censorship.
Article continues after this advertisement“We now have a US administration that is proud of our leading companies, prioritizes American technology winning, and that will defend our values and interests abroad,” Zuckerberg told anlayats.
Meta has also scaled back diversity initiatives and relaxed content moderation rules on its platforms, particularly regarding certain forms of speech — changes that could potentially concern major advertisers who are wary of having their ads appear alongside divisive content.
Gorman will become chairman on Jan. 2, 2025. He will succeed Mark Parker, who is leaving after serving on Disney’s board for nine years.
Unemployment among young people and college graduates jumped from 13.2% in June to 17.1% in July, as some 12 million students entered the labour market, before the August figure rose to its highest level since the National Bureau of Statistics decided to change the methodology to not include students in December 2023.
Article continues after this advertisement User growthThe company’s user base continued to grow, reaching 3.35 billion daily active users across its platforms in December 2024, a 5 percent increase year-over-year.
Looking ahead, Meta plans massive infrastructure investments, with expected capital expenditures of $60-65 billion for 2025, primarily supporting AI initiatives. Total expenses are projected to reach $114-119 billion.
“In AI, I expect this is going to be the year when a highly intelligent and personalized AI assistant reaches more than 1 billion people, and I expect Meta AI to be that leading Assistant,” Zuckerberg said.
The company expanded its workforce by 10 percent to 74,067 employees in 2024, with plans for further growth in technical roles focused on AI development and infrastructure.
Meta last month said it will dismiss 3,600 employees (5 percent of its workforce) identified as low performers, with the intention to bring in new talent to strengthen the company.
While Meta’s stock has performed strongly, the company faces both regulatory challenges and emerging competition.
The rise of Chinese startup DeepSeek’s more economical AI model has reportedly prompted Meta to establish war rooms to study and potentially adapt the innovations for its own Llama AI models.
fortune88Subscribe to our daily newsletter
The company projects first-quarter 2025 revenue between $39.5-41.8 billionlucky royal, representing growth of 8-15 percent year-over-year.
READ NEXT Meta posts big profit, plans massive AI investment Despite Trump tariff war, local exporters still ‘hopeful’ EDITORS' PICK EDITORIAL: Coping with the US aid freeze DICT deploys teams to combat election-related misinformation Late Jesuit priest Eduardo Hontiveros nominated for National Artist for music Illegal mining in Surigao City leaves deep, painful scars SWS: 59% of Filipinos satisfied with Marcos admin in December 2024 UK backs third Heathrow runway in growth takeoff bid MOST READ Senators defend grant of PH citizenship to Chinese businessman Marcos admin bets still dominate 2025 Senate race Carpio fears PH pact on Ayungin Shoal may expand China’s reach SWS: 59% of Filipinos satisfied with Marcos admin in December 2024 Follow @FMangosingINQ on Twitter --> View comments
