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Meta's second-quarter revenue exceeded expectations, likely supporting its significant investment in the AI sector.
Jin10 data reported on July 31, Meta Platforms (META.O) exceeded revenue expectations for the second quarter, and its forecasts for the current period are also stronger than expected. This indicates that the advertising business of this social media company continues to grow rapidly, enough to support its significant spending on artificial intelligence. After the financial report was released, Meta's stock rose by as much as 10% in after-hours trading. Meta expects its revenue for the third quarter to reach between $47.5 billion and $50.5 billion. Additionally, Meta has raised the lower limit of its expected capital expenditures for the fiscal year 2025, as the company continues to increase its investments in talent, infrastructure, data centers, and energy to remain competitive in the rapidly evolving AI race. Meta currently expects its total capital expenditures for the year to be between $66 billion and $72 billion, an increase from the previous expectation of $64 billion to $72 billion.