Meta stock surges after Q2 results beat expectations despite heavy AI spending
Shares in the Facebook owner surged more than 9% after-hours as a result.
The California-based company earned 18.34 billion dollars in the April-June period. That is up 36% from 13.47 billion dollars in the same period a year earlier.
Revenue jumped 22% to 47.52 billion dollars from 39.07 billion dollars.
Meta said it expects costs to increase as it spends billions on infrastructure and luring highly compensated employees as it works on its artificial intelligence ambitions.
It is forecasting 2025 expenses to be in the range of 114 billion dollars to 118 billion dollars, up 20% to 24% year-over-year.
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