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Artificial intelligence continues to drive Meta’s yearlong recovery. Revenue from its Advantage+ Shopping Campaigns (ACS) more than doubled since last year, CEO Mark Zuckerberg said during the company’s first-quarter-2024 earnings call.
Meta, parent company of Facebook and Instagram, reported a 27% increase in revenue, reaching $36.5 billion, compared with $28.6 billion in the first quarter of 2023. Advertising contributed 97% of that revenue, or $35.6 billion, and the average price of ads rose 6%.
“For all the recent scrutiny of its effectiveness, Meta’s ad business is humming,” said eMarketer senior analyst Max Willens.
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