Meta Platforms Inc (NASDAQ:META) CEO Mark Zuckerberg referenced the role artificial intelligence will play in upcoming products and the transformation of its applications in the company’s fourth-quarter earnings call.
Zuckerberg referred to AI as the “foundation” of Meta’s discovery engine and the company’s advertising business.
“We also think that it will allow the incorporation of many new products and additional transformations in our applications,” explained the CEO of Meta.
“Generative AI is an extremely exciting new area with a lot of different applications and one of my goals for Meta is to leverage our research to position ourselves as a leader in generative AI.”
Generative AI refers to computer algorithms that can be used to create new content such as text, images, and video. ChatGPT is considered one such example.
Zuckerberg assured that Meta’s priorities had not changed compared to last year. However, he noted that the two main technology waves driving the company’s roadmap are AI today and, in the longer term, the Metaverse.
He explained that Facebook and Instagram are moving from being “organized solely around people” to “showing more and more relevant content” recommended by the company’s AI systems. Zuckerberg stated that the company focuses especially on short-form videos in that context.
Meta published its fourth-quarter financial results on Wednesday. It reported revenue of $32.17 billion, representing a 4% year-on-year drop. However, the figure exceeded Wall Street estimates of $31.53 billion.
The price movement
Meta shares soared 20.2% to $183.99 in regular trading on Wednesday and gained another 2.8% to $153.12 in aftermarket trading, according to data from Benzinga Pro.
Rachel Maga is a technology journalist currently working at Globe Live Media agency. She has been in the Technology Journalism field for over 5 years now. Her life’s biggest milestone is the inside tour of Tesla Industries, which was gifted to her by the legend Elon Musk himself.