Core News Facts
Meta Platforms (NASDAQ: META) has a market capitalization of approximately $1.96 trillion and reported a 22% year-over-year increase in revenue to $47.5 billion in the second quarter of 2023. The company has benefited from artificial intelligence (AI) advancements, driving a 38% rise in diluted earnings per share (EPS) to $7.14, with AI contributing to approximately 5% more ad conversions on Instagram and 3% on Facebook.
As the digital advertising landscape evolves, Meta holds a 21% share of the U.S. market, while Google and Amazon hold 26% and 14%, respectively. If Meta achieves projected annual revenue growth of over 12% in the next five years, it could reach a $3 trillion market cap by 2029, requiring revenue of about $299 billion annually.
