Meta’s earnings calm A.I.
Shares in Meta are up more than 5 percent in premarket trading, even after the parent of Facebook and Instagram said it had increased spending on A.I.
The numbers: Meta’s second-quarter profit was up 73 percent year-on-year, to $13.5 billion, while revenue jumped 22 percent, to $39.1 billion.
The figure in focus was capital expenditures, with Meta spending $8.5 billion in the second quarter.
(That also includes the company’s long-running, unprofitable investments in the so-called metaverse and other endeavors.)
Persons:
Instagram
Organizations:
Meta, Facebook