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Meta, the parent of Facebook and Instagram, reported better than expected revenue growth in the June quarter, up 22% to $US 39.07 billion.
Ad impressions increased by 10% and the average price per ad also rose 10%.
The number of daily active users across the apps was 3.27 billion on average for June, an increase of 7%.
Meta expects September quarter total revenue to be in the range of $38.5 billion to $41 billion.
"We had a strong quarter, and Meta AI is on track to be the most used AI assistant in the world by the end of the year," said CEO and founder Mark Zuckerberg.
"We've released the first frontier-level open source AI model, we continue to see good traction with our Ray-Ban Meta AI glasses, and we're driving good growth across our apps."
Total costs and expenses were up 7% to $24.22 billion. Staff numbers at 70,799, a decrease of 1%.
Meta, investing in the artificial intelligence arms race, funding research and development, expects infrastructure costs will be a significant driver of expense growth next year.
Will Easton, managing director Meta ANZ, said AI continues to drive innovation across the whole business.
"Australia and New Zealand were some of the first countries outside of the US to launch Meta AI, and user engagements across our Family of Apps has never been stronger particularly with young adults on Facebook," he said.
"We look forward to share more exciting products with our users and partners in the near future.”
eMarketer principal analyst Max Willens said any apprehensions about Meta's spending on AI and the metaverse are likely to be allayed by this quarter's results.
“While impression growth has slowed a bit, Meta's careful introduction of ads on Reels has led to a perfect storm of rising impressions and rising ad prices,” he said.
“With its margins as healthy as they are, Meta's investors should feel comfortable with the company's vigorous investments in its plans for the future."
The June quarter:
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