Meta Platforms Inc. CEO Mark Zuckerberg said on Wednesday that AI is assisting in boosting traffic to Facebook and Instagram, resulting in earning more in ad sales in the wake of forecasting quarterly revenue. The expected revenue is well above analyst expectations. Due to this, Meta shares increased by 12% in after-hours trading and added over $50 billion to its market value after Google parent Alphabet Inc. and Microsoft Corp posted strong results on Tuesday. AI references increased the duration of time spent on Instagram by 24% in the January-March quarter, Meta said.
Read more: Facebook owner Meta touts AI might as digital ads boost outlook; shares jump
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