Recent earnings make one thing perfectly clear: Everyone is all in on AI and running with it for more features, ads and shopping.
At Google, this strikes multiple parts of its vast operation.
The result: PMAX drove a massive 46 percent surge in revenue and a 31 percent jump in return on ad spend, the company reported, leading to its best business day in history and a robust reinvestment in its AI-first strategy for the first quarter. It goes beyond e-commerce, to store sales reporting and bidding and using PMAX for store goals.
The company points its algorithms at consumer behaviors to target ads, and the result is impressive: Amazon’s ad business has practically doubled in just two years, going from $19.8 billion to $37.7 billion last year. Its latest first quarter just edged out its previous first quarter, with $9.5 billion versus $7.9 billion, so if the trajectory holds, 2023 will be its best year yet for ads. That’s the benefit of owning both the shopping and ad platforms, especially across a vast empire.
It’s a sobering scenario. The Reality Labs division, which runs Meta’s metaverse projects, lost nearly $4 billion in the quarter. Add that to the tab, as it racked up $13.7 billion in losses last year.
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