Instagram and Facebook ads drive profit surge

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

The company said revenue rose to more than $39bn (£30bn) in the three months to June, up 22% on the same period last year, as it charged more for adverts and the commercials reached more people.

Profits jumped to nearly $13.5bn despite huge levels of investment in its artificial intelligence (AI) projects.

The group also recently agreed to pay a $1.4bn settlement to the US state of Texas over allegations it collected user facial data and other information without proper consent.