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Instagram and Facebook ads drive profit surge

Sales of Instagram and Facebook adverts have soared, delivering a surge in profits for parent company Meta.

Meta has been spending huge amounts on AI as well as augmented and virtual reality products such as its headsets which let users "jump into" their favourite games or exercise classes. "Any apprehensions investors may have had about Meta's spending on AI and the metaverse are likely to be allayed by this quarter's results," suggested eMarketer principal analyst Max Willens. Reels is a short video sharing service Meta introduced in a bid to challenge TikTok, which faces a potential ban in the US under a new law poised to take effect.

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