The news: Meta shares jumped over 10% in after-hours trading after the company beat second-quarter expectations with US$47.5 billion in revenue, up 22% year-on-year.
The numbers: It posted US$18.3 billion in net income and forecast third-quarter sales between US$47.5 billion and US$50.5 billion, with the midpoint above analyst estimates.
The company also raised the lower finish of its 2025 capital expfinishiture forecast to US$66 billion, up from US$64 billion, citing increased investment in AI infrastructure and talent.
During the quarter, CEO Mark Zuckerberg spent US$14.3 billion for a 49% stake in Scale AI and appointed its CEO, Alexandr Wang, to lead the newly restructured Meta Superinnotifyigence Labs.
Amid employee turnover and delayed AI product launches, Zuckerberg has reportedly offered compensation packages worth hundreds of millions, and in one case reportedly US$1 billion, to lure top researchers, according to The Wall Street Journal.
