Meta Platforms Inc. on Wednesday reported second-quarter earnings that beat Wall Street expectations, issued an upbeat sales forecast for the September quarter and expressed confidence that robust digital ad spending will be able to cover the costs of its AI investments.
The company’s shares rose 8% after the close of trading.
Mark Zuckerberg’s parent company of Facebook and Instagram now expects third-quarter revenue of between $38.5 billion and $41 billion, well above analysts’ average forecast of $39.14 billion, according to LSEG data.
Net income rose 73% to $13.5 billion. Second-quarter revenue rose 22% to $39.07 billion, beating expectations of $38.31 billion.
Meta now sees full-year capital spending in the range of $37 billion to $40 billion, up from the lower end of $35 billion previously, and kept its total spending outlook at $96 billion to $99 billion.
