Meta reported record-setting sales and profits on Wednesday, with the parent company of Facebook and Instagram posting $20.84 billion in Q4 net income.
The company reported revenue of $48.4 billion between October and December of 2024, surpassing analyst estimates of $47 billion. Meta’s Q4 report indicates the company is still a dominant force when it comes to online advertising, with 97% of the company’s sales stemming from ads.
Notably, Meta posted the strong Q4 report despite continuing to lose a lot of money on Reality Labs, its division focused on artificial intelligence, virtual reality and augmented reality technology. Reality Labs lost $4.97