India has become the largest market for Meta AI usage: CFO Susan Li
Meta’s Chief Financial Officer Susan Li mentioned during the second quarter earnings call that India has emerged as the largest market for Meta AI usage. The company has witnessed billions of queries being made using Meta AI, with WhatsApp showing promising signs in terms of retention and engagement.
Meta AI Launch in India
The social media giant introduced its artificial intelligence assistant, Meta AI, in India across platforms such as WhatsApp, Facebook, Messenger, and Instagram in June this year. The company aims to make Meta AI the most widely used AI assistant by the end of the year, as stated by Meta's Founder and CEO, Mark Zuckerberg.
Zuckerberg believes that every business will incorporate an AI agent for customer interaction in the future, similar to having a website, social media presence, and email address.
Company Growth and Revenue
Meta reported significant growth in both revenue and profit for the second quarter of 2024, driven by digital ad spending. The company saw a 22.1% increase in revenue, reaching $39.1 billion, with a 73% rise in net profit to $13.5 billion.
The total family of apps under Meta witnessed 3.27 billion daily users in June, reflecting a 7% year-over-year growth. The advertising revenue, Meta's primary income source, surged to $38.3 billion, showcasing a 21.6% increase from the previous year.
Future Outlook and AI Development
Meta is focused on expanding its AI capabilities, with Zuckerberg highlighting the advancements in AI to enhance user engagement and improve recommendations across Facebook and Instagram. The company is working on developing advanced AI models, with the recent release of Llama 3.1 boasting 405 billion parameters.
Looking ahead, Meta is planning to invest in infrastructure to support the training of advanced AI models like Llama 4, projected to be the most sophisticated in the industry. The company anticipates a significant increase in capital expenditure for 2025 to facilitate AI research and product development efforts.
Li emphasized the importance of preparing for future infrastructural needs, aligning with the strategic direction towards AI innovation and growth.
