SAN FRANCISCO, USA: Meta’s net income soared by 59 per cent, reaching US$62.36 billion (S$84.20 billion) for 2024. The company’s fourth-quarter profits climbed 49 per cent to US$20.84 billion (S$28.14 billion). Revenue for the year also surged by 22 per cent to US$164.5 billion (S$222.11 billion), driven by a 10 per cent increase in ad prices and an 11 per cent rise in ad impressions across its platforms.
Meta’s strong artificial intelligence (AI) forecast caused its shares to rise by up to five per cent in after-hours trading on Wednesday, later settling at a two per cent increase.
CEO Mark Zuckerberg expressed confidence that Meta’s AI would make it a global leader in the field, though he cautioned that delivering on the hefty investments would “take time”.
According to AFP, Meta’s strong performance comes alongside major changes in its content policies, aimed to “endear” the company to US President Donald Trump. The company recently ended its US fact-checking programme, which aimed to tackle misinformation but faced criticism from conservative groups who saw it as censorship.
According to the Meta CEO, 2025 would be a “big year for redefining our relationship with governments”.
He added, “We now have a US administration that is proud of our leading companies, prioritizes American technology winning, and that will defend our values and interests abroad.”
Meta has scaled back its diversity initiatives and loosened content moderation, particularly on certain types of speech. These changes could worry advertisers concerned about their ads appearing next to controversial content. However, Meta’s CFO stated that ad revenue has not been impacted by these adjustments.
Meta agrees to a US$25 million settlement of lawsuit with US President Donald Trump over account suspension
In another development, The Sun reported that Meta has agreed to a US$25 million (S$33.78 million) settlement over a 2021 lawsuit filed by Trump, who claimed his accounts were wrongfully suspended after the US Capitol riot.
According to The Wall Street Journal, people familiar with the matter said US$22 million (S29.73 million) of the settlement will go towards funding Trump’s future presidential library, with the rest covering legal fees and payments to other parties involved in the case.
A Meta spokesperson confirmed the settlement to AFP. However, Meta will not admit wrongdoing regarding the suspension of Trump’s accounts as part of the settlement. /TISG
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