Meta reported impressive growth for 2024, with profits soaring 59% to $62.36 billion and a 22% rise in revenue to $164.5 billion, driven by stronger advertising performance. The company’s bullish AI investment plans sent shares up by 5% in after-hours trading. CEO Mark Zuckerberg highlighted that Meta's AI ambitions could position the company as a global leader in the field, though he cautioned that the necessary investments would take time.

The company's user base grew to 3.35 billion daily active users, a 5% increase from the previous year. Looking ahead, Meta plans to invest $60-65 billion in AI infrastructure in 2025. Despite the solid financial performance, Meta faces challenges, including competition from Chinese startup DeepSeek and regulatory scrutiny. Meta’s stock remains strong, though analysts are cautious about potential impacts of its content moderation changes on ad revenue.

Meta’s Reality Labs unit, focused on virtual reality, posted a $4.97 billion loss, but the company has continued to expand its workforce by 10% to support AI and tech development. The company also plans to dismiss 3,600 employees deemed low performers, signaling a focus on building stronger talent in key areas.