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Meta Platforms Inc. posted sharply higher profit and revenue for its fourth quarter on Wednesday, thanks to higher ad revenue on its social media properties, sending its shares up in after-hours trading even as it forecast increasing expenses on its artificial intelligence efforts.CEO Mark Zuckerberg said he expects 2025 to “be the year when a highly intelligent and personalized AI assistant reaches more than 1 billion people, and I expect Meta AI to be that leading AI assistant.”The Menlo Park, California-based company earned $20.83 billion, or $8.02 per share, in the October-December quarter. That’s up 49% from $14.02 billion, or $5.33 per share, in the same period a year earlier.Revenue grew 21% to $48.39 billion from $40.11 billion.Analysts, on average, were expecting earnings of $6.76 per share on revenue of $47 billion, according to a poll by FactSet.“We continue to make good progress on AI, glasses, and the future of social media,” Zuckerberg said in a statement.For the current quarter, Meta said expects revenue of $39.5 billion to $41.8 billion. Analysts are expecting revenue at the high end of that range$41.68 billion.The company also said it expects expenses in the range of $114 billion to $119 billion, driven by infrastructure costs and employee compensation. Meta had 74,067 employees as of December 31, up 10% from a year earlier.“Meta’s Q4 performance underscores the company’s resilience in a still-uncertain digital ad market. By beating both earnings and revenue estimates, they’ve demonstrated that cost discipline and efficiency gains are paying dividends,” said Jesse Cohen, an analyst with Investing.com. “However, the real headline is their commitment to aggressive capital expenditures. This signals Meta is doubling down on its AI infrastructure and metaverse ambitions, even as investors grapple with the costs.”Separately, Meta has agreed to pay roughly $25 million to settle a 2021 lawsuit that President Donald Trump brought against the company and Zuckerberg after Trump’s accounts were suspended following the January 6, 2021, attack on the U.S. Capitol.“This is also going to be a big year for redefining our relationship with governments,” Zuckerberg said in a conference call with analysts. “We now have a U.S. administration that is proud of our leading companies, prioritizes American technology winning, and that will defend our values and interests abroad. And I’m optimistic about the progress and innovation this is going to unlock.”Meta’s stock rose $13.53, or 2%, to $690.02 in after-hours trading. Barbara Ortutay, AP Technology Writer
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According to estimates from the California Department of Forestry and Fire Protection, more than 16,200 structures were damaged or destroyed in the devastating fires that broke out in the Los Angeles area at the beginning of the year. These will take years to rebuild, not to mention billions of dollars. Music superstars decided early on to lend their talents to the fundraising efforts and play an epic FireAid Benefit concert spanning two venues. The event takes place tonight (Thursday, January 30, 2025), beginning at 9 p.m. ET / 6 p.m. PT. Heres everything you need to know about it, including how to stream it and donate: A brief timeline of the L.A. fires On the morning of January 7, a fire broke out in the Pacific Palisades area. Fueled by strong Santa Ana winds and dry conditions, it spread rapidly. Later that same morning, the Eaton fire broke out north of Pasadena, near Eaton Canyon. Similar weather conditions caused this blaze to also proliferate swiftly. As of publication, the Palisades fire has burned 23,448 acres and is 96% contained while the Eaton fire burned 14,021 acres and is 99% contained. Twenty-nine people died in these two fires. On January 22, the Hughes fire broke out near Castaic Lake in northern Los Angeles County. It burned 10,425 acres and is now 98% contained. Several smaller fires also broke out, including the Lidia, Archer, Woodley, Sunset, Kenneth, Hurst, and Auto firesburning a combined total of 2,399 acres. These are no longer considered active. Who spearheaded the FireAid concert? Shelli Azoff is the mastermind behind the concert. The idea was born on January 9, just two days after the first fires broke out. When it became obvious that there was going to be a need, I think we were just trying to commiserate. What can we do? And Shelli said we should do all we know how to do. We should do the show, Irving Azoff, Shellis husband and COO of Full Stop Management, told the Associated Press. Where will the FireAid benefit take place? A concert at the Intuit Dome was announced on January 10, which additionally expanded to the nearby Kia Forum as well. So many artists wanted to help that two venues were necessaryand still they had to turn some artists away. Who is performing where? Producing partners the Azoff family, Live Nation, and AEG Presents decided to divide the artists by genre. Pop artists will perform at the Intuit while rockers got the Forum. Intuit Dome: Billie Eilish, Gracie Abrams, Jelly Roll, Katy Perry, Lady Gaga, Lil Baby, Olivia Rodrigo, Peso Pluma, Rod Stewart, Stevie Wonder, Sting, Tate McRae, and Earth, Wind & Fire. Kia Forum: Alanis Morissette, Anderson .Paak, Dawes, Graham Nash, Green Day, John Fogerty, Joni Mitchell, No Doubt, Pink, the Red Hot Chili Peppers, Stephen Stills, Stevie Nicks, the Black Crowes, Dave Matthews, and John Mayer. Each act is going to perform two to four songs, bringing the total run time of the show to more than five hours. Performers at the two venues will switch off, so no matter the audience’s physical location, they will get the whole show. Beyond the 28 performers, there will also be special guest appearancesboth celebrities and people impacted by the fires, including first responders. How can I donate to FireAid? You dont have to wait until the big show to donate. You can do so right now at FireAidLA.org. How can I watch or stream the benefit concert live? If you find yourself in Los Angeles, tickets can be procured on Ticketmaster. One hundred percent of all ticket purchases will go to benefit FireAid relief efforts and all fees have been waived for the special event. If you are outside of Tinseltown or the ticket prices are not in your budget, never fear. Some AMC theaters are hosting screenings. There are also many options for you to listen to or stream the event. We’ve also embedded a YouTube stream of the event below. Check it out on: Amazon Music/Prime VideoApple Music the AppleTV app Disney+/Hulu Facebook/Instagram iHeartRadio KTLA+, Max Netflix/Tudum Paramount+ Peacock/NBC News Now SiriusXMs exclusive LIFE with John Mayer channel SoundCloud Veeps YouTube
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Tesla’s fourth-quarter adjusted profits rose slightly amid a big push to sell its electric vehicles with offers of zero financing and other incentives, but the results still fell short of Wall Street forecasts.The electric vehicle, battery and robotics company run by Elon Musk said Wednesday that quarterly net income adjusted for one-time items rose 3% to $2.6 billion, or 73 cents a shareless than analysts’ estimate of 77 cents.Tesla stock initially fell after trading closed Wednesday, then reversed course to rise more than 4% after Musk told analysts on a conference call that the company was on track to offer unsupervised “full self-driving” technology to its customers as a paid service starting in Austin in June.“It went from a theoretical, ‘We hope to launch something in 2025,’ to a set timeline,” said Morningstar analyst Seth Goldstein. “That’s a big step forward.”Tesla has been losing market share in several countries as traditional car makers and other EV companies, such as China’s BYD, offer customers alternatives. Its stock has surged nonetheless, rising by more than 50% since President Donald Trump was elected, on investor optimism that Musk’s advisory role in the new administration will help the company.In its letter to shareholders and on the analyst call, Tesla it was hoping to lift sales by driving the cost of its vehicles down, highlighting that one cost measure fell below $35,000, the lowest in its history. It said production of “more affordable” models are expected to start in the first half of the year, with Musk emphasizing that “maximizing volume” was priority.But then he quickly pivoted in the conference call to other goals and parts of the business, and the stock started climbing.“AI and roboticsthat will bear immense fruit,” he said, adding “I see a path, I’m not saying it’s an easy path, but I see a path for Tesla being the most valuable company in the worldby far, not even close,” leapfrogging the likes of Apple, Microsoft and Nvidia. Tesla is currently the seventh-most valuable company in the S&P 500 with a market value of $1.25 trillion.Tesla’s unadjusted profits for October through December period were down dramatically, though the year-earlier period was a poor comparison because the results included a large one-time tax benefit. The company said it made $2.31 billion last quarter, down 71% from the $7.93 billion profit in the same period in 2023.Revenue rose 2% to $25.7 billion, less than Wall Street’s forecast of $27.1 billion, according to FactSet. Tesla offered a series of incentives during the quarter to drum up demand for its electric vehicles including low-interest loans and lower prices. Tesla’s gross profit margin fell to 16.3% for the quarter, down 1.3 percentage points from a year earlier.Earlier this month, Tesla said it sold 1.79 million vehicles in 2024, the first drop in more than a dozen years despite offers of 0% financing, free charging and low-priced leases. The fourth quarter showed signs of a rebound, though, with a record 495,570 vehicles sold.“The bulls got what they wanted, and the bears got data to support them as well,” said Wedbush analyst Dan Ives, a big fan of the stock. “But ultimately what will drive the stock is autonomous driving, and this is the bullish I’ve ever heard Musk.”For the full year, Tesla posted profits before one-time items of $8.42 billion, down 23% from the year earlier.Investors are expecting that Musk’s close relationship with Trump will translate into lighter regulation on the car company, fewer investigations and help in speeding the development of autonomous driving.But the Trump administration has also vowed to cut government incentives to customers to buy EVs and says it will loosen emission standards. The latter especially could hurt Tesla because it has a big business in selling “regulatory credits” to other automakers that fall short of the standards.The latest financial report showed that in the fourth quarter Tesla sold $692 million in these credits, a spigot of cash that could be turned off if Trump follows through on his vow. Bernard Condon, AP Business Writer
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