Social media giant Meta Platforms has says its have profits soared and is pumping billions of dollars more into artificial intelligence (AI) projects.
The firm - which owns Facebook, Instagram and WhatsApp - says revenue for the three months to the end of June rose 22% from the same period last year to $47.5bn (£35.86bn), while profits jumped by 36% to $18.3bn.
At the same time expenses are also rising - up 12% to $27bn - as the company ploughs money into fulfilling chief executive Mark Zuckerberg’s AI ambitions, and costs are only expected to keep rising.
Meta says the cost of building infrastructure, including servers and data centres, and workers' pay packages will be its biggest expenses.
Before Meta's earnings announcement on Wednesday, Zuckerberg posted a video on Instagram describing his plans for developing what he calls "AI Superintelligence" that surpasses "human intelligence to solve complex problems".
