Improvements to AI-driven feeds and video recommendations have led to an 8% increase in time spent on Facebook and 6% on Instagram this year, according to Meta CEO Mark Zuckerberg in the latest Google Analytics report. quarterly results of the company.

In the report, Zuckerberg also said that Meta AI has reached more than 500 million monthly active users on its apps. Additionally, more than 1 million advertisers used Meta’s generative AI tools in the past month to create more than 15 million ads, resulting in a 7% increase in conversions for businesses using these tools.

Meta’s quarterly financial results also beat Wall Street’s expectations. The company reported third-quarter earnings per share of $6.03, beating analysts’ forecasts of $5.25, according to a recent Reuters report. Revenue came in at $40.59 billion, slightly above forecasts of $40.29 billion.

The company has kept costs under control, with total expenses of $23.2 billion and capital expenditures of $9.2 billion, leading Meta to revise its full-year spending guidance to ’96- 98 billion dollars, adds the Reuters report. However, Meta warned that it expects infrastructure costs to rise sharply in 2024 due to the expansion of its data systems.

Meta’s user base across its platforms has also continued to grow. The number of daily active people (DAP), those who interact with Meta apps on a daily basis, increased by 5% to 3.29 billion, while the number of monthly active people (MAP) increased increased by 6% to reach 3.96 billion.

Meta’s positive earnings report aligns with broader trends in digital advertising, as companies like Alphabet and Snap have also reported gains from AI-powered advertising tools. As the US holiday season approaches, analysts expect an increase in ad spending, which could further boost Meta’s revenue.