Meta has booked huge advertising revenue growth in the June quarter as the cost of advertising on its platforms increased. Its total ad revenue for the quarter was $59.4 billion (A$85.6 billion), up 26 per cent year-on-year when currency fluctuations are discounted. Although Meta’s revenue growth is remarkable, its cost base increased at a higher clip, up 55 per cent year on year to $42 billion for the quarter. The bulk of this is capital expenditure into AI tech; Meta forecasts it will spend between $130-145 billion. We shipped Muse Spark 1.1, which made Meta AI significantly smarter across our Family of Apps, launched Meta Glasses, and introduced the Meta AI business agent to help advertisers automate and optimise their campaigns,” he said.