Meta’s AI-driven ad revenue bounce-back continues to accelerate

An overview of Big Tech companies’ Q3 earnings results.

Big Tech companies including Amazon, Meta, and Alphabet (particularly YouTube) posted robust ad revenue growth in Q3 2023, with Amazon leading the way, growing 26% year-on-year. Meanwhile, competition for AI adoption intensified. 

At $12.1bn, Amazon’s quarterly ad revenue outperformed its own robust growth over the previous six months. It recently launched generative AI image tools and is looking to “intelligently integrate advertising into video, into audio, and into grocery.” Amazon shared that, while it sees caution from brands towards display and video, lower-funnel ad formats including sponsored products are performing well. 

Amazon’s ad business is...

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