“We had a good quarter driven by AI progress across our apps and business,” said Mark Zuckerberg, Meta founder and CEO. “We also have strong momentum with Meta AI, Llama adoption, and AI-powered glasses.”

Shares of Meta were down 3% in after hours trading.

The company said it expects fourth-quarter total revenue to be in the range of $45-48 billion. It lowered its full-year expense expectations to $96-98 billion, and raised capital expenditure estimates to $38-40 billion. Meta expects “significant capital expenditures growth in 2025” and “significant acceleration in infrastructure expense growth next year.”