Meta Platforms (NASDAQ;META) is bolstering its artificial intelligence (AI) offerings with the introduction of AI stickers across its suite of apps. These AI stickers, powered by Llama 2 and Emu (a model for image generation), enable users to create personalized stickers for their chats and stories.
In the coming month, this feature will roll out to select English-language users on WhatsApp, Messenger, Instagram, and Facebook Stories.
Meta also plans to introduce AI-based editing tools on Instagram, allowing users to edit images collaboratively with friends. Features like Restyle and Backdrop, which leverage Emu, will be part of this enhancement. Backdrop, in particular, benefits from insights gained from Meta’s Segment Anything Model.
Furthermore, Meta is unveiling Meta AI in beta, an advanced conversational assistant. This AI will be accessible on WhatsApp, Messenger, and Instagram, as well as on Meta’s Ray-Ban Meta smart glasses and Quest 3, the mixed-reality headset.
Meta, in partnership with EssilorLuxottica, is launching the next-generation Ray-Ban Meta smart glasses collection. Starting at $299, these glasses will be available in retail stores beginning October 17. Quest 3, Meta’s mixed-reality headset, will hit the market on October 10.
In addition, Meta is introducing 28 more AI models in beta, each with unique interests and personalities, including Snoop Dogg, Tom Brady, Kendall Jenner, and Naomi Osaka.
Meta’s Promising Outlook for 2023
Meta’s shares have shown strong performance, returning 147.4% year-to-date, surpassing the gain of 30.8% in the Zacks Computer & Technology sector.
The company is experiencing steady user growth worldwide, particularly in the Asia Pacific region. Increased engagement on platforms like Instagram, WhatsApp, Messenger, and Facebook has been a significant driver of growth. In the second quarter of 2023, Family Daily Active People (DAP), which includes users who visited at least one of Meta’s Family products on a given day, reached 3.07 billion, marking a 6.6% year-over-year increase.
Meta is leveraging AI to recommend Reels content, contributing to higher traffic on Instagram and Facebook. Its innovative portfolio, featuring products like Threads, Reels, and Llama 2, is expected to support its growth prospects.
For the third quarter of 2023, Meta anticipates total revenues in the range of $32 billion to $34.5 billion, with favorable forex rates providing a boost of approximately 3% to year-over-year top-line growth.
The Zacks Consensus Estimate for third-quarter revenues stands at $33.41 billion, reflecting a year-over-year growth of 20.55%. The consensus estimate for third-quarter earnings is $3.53 per share, unchanged over the past 30 days.
Featured Image: Unsplash @ dlxmedia.hu
Author Faith Yakubu 
