Meta’s financial results come amidst ongoing uncertainty surrounding its rival TikTok, as President Biden recently signed legislation that could potentially ban the popular social media app in the United States. Meta has been investing heavily in Reels, its short-form video platform, which is seen as a potential competitor to TikTok. CEO Mark Zuckerberg is expected to address the TikTok situation and the company’s focus on AI during a call with analysts later today.
Zuckerberg has emphasized the company’s commitment to AI and the Metaverse, the immersive virtual reality platform that Meta is developing. He recently announced a new version of Meta AI with Llama 3, which is designed to enhance the company’s AI capabilities. Meta is also making progress in building out the Metaverse, which it believes will be the next major computing platform.
Despite the positive financial results, Meta’s stock price fell after the company’s earnings report, indicating that investors remain concerned about the company’s high expenses and the potential impact of TikTok’s regulatory challenges.
