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BUSINESS Thu 22 Oct 08:11
Meta beats expectations but legal
penalties hit profits
Meta beat investor expectations for
third-quarter revenue last night as it
doubles down on a global AI race but
the social media giant's profits took
a hit due to an $18 billion legal
settlement with nearly all US states.
The company reported $9.86 billion in
profits from July to September, almost
50% below investor expectations, which
Meta said was dragged down by a $9.9
billion charge related to the
settlement.
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