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3w ago

Meta Posts $47.5 Billion in Q2 Revenue and Boosts AI Investment

Propelled by robust advertising demand, Meta raised its capex outlook to fuel AI infrastructure.

FILE - The Facebook logo is seen on a cell phone in Boston, USA, Oct. 14, 2022. (AP Photo/Michael Dwyer, File)
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Overview

  • Meta posted $47.52 billion in second-quarter revenue and $7.14 in earnings per share, exceeding analyst forecasts.
  • Net income climbed 36% to $18.34 billion as daily active users across Facebook, Instagram and other apps reached 3.48 billion.
  • The company lifted its full-year capital expenditure guidance to $66–72 billion to build data centers and expand compute capacity for AI.
  • Meta forecast third-quarter revenue of $47.5 billion to $50.5 billion, surpassing Wall Street estimates and sending shares up about 10% in after-hours trading.
  • CEO Mark Zuckerberg unveiled a vision for personal superintelligence backed by a $14.3 billion investment in Scale AI and the appointment of Alexandr Wang to lead new superintelligence labs.