Meta’s AI strategy focused on Muse growth as legal challenges dent earnings

Meta CEO Mark Zuckerberg said that more than 10 million people in the U.S. and Canada have set up Muse accounts in a month and a half and growth remained strong, but the company’s stock had a rough start Thursday in response as costly legal challenges mount. The company reported third-quarter earnings late Wednesday, with better than expected revenue at US$64.60 billion, ahead of Wall Street estimates of $63.37 billion, according to data compiled by LSEG. Meta also projected fourth quarter revenue between $73 billion and $76 billion, above estimates of $73.73 billion.After the results were released, Zuckerberg said on a conference call he expected Muse would eventually serve “billions of people” who would potentially generate more revenue than the average Meta user, forecasting the venture would give rise to the kind of network effect that helped build his social media empire.“Part of the reason why we’re not just charging everyone up front to use this is we want to establish this Muse network, and we think that it’s going to be more valuable for people at scale when there are a lot of people and businesses using Muse,” said Zuckerberg. Story continues below advertisement In their ...