Facebook-owner Meta shares rise on forecast strong growth will continue

Chief executive Zuckerberg talks up AI products 'in the pipeline'

The revenue bump comes despite the company also forecasting that expenses would rise in both 2023 and 2024, citing costs including legal fees and increased spending on infrastructure considered key to the tech sector's feverish artificial intelligence race. Picture: Yui Mok/PA

Meta Platforms, which owns Facebook and Threads, forecast third-quarter revenue above market expectations, sending shares up on the suggestion it anticipated higher ad spending as a result of an improving macroeconomic environment.

The company expects July-September revenue in the range of $32bn (€28.8bn) to $34.5bn, compared with analysts' average estimate of $31.3bn.