Business | Oct 28th 2023 Edition

Meta reported record quarterly revenue of $34.1bn, of which sales from advertising made up 98.5%. Net profit rose by 164%, to $11.6bn. Mark Zuckerberg noted the savings made from his “year of efficiency”, and said that artificial intelligence was improving the business. The good results were tempered by news that dozens of American states are suing Meta, alleging that its apps, such as Facebook, are deliberately designed to be addictive to children.