Meta Earnings Top Estimates Amid Big Growth in AI Spending

Meta Platforms (META) reported fourth-quarter earnings that topped analysts’ estimates as revenue grew more than 20% year-over-year.

The social-media and tech giant posted fourth-quarter revenue of $48.39 billion, above the analyst consensus compiled by Visible Alpha. Its net income of $20.84 billion, or $8.02 per share, rose from $14.02 billion, or $5.33 per share, a year earlier, also topping projections.

Advertising revenue climbed nearly 21% to $46.78 billion, compared to…