Meta, the parent company of Facebook and Instagram, reported stronger-than-expected quarterly results on Wednesday, sending its shares surging to record highs.
The upbeat earnings were accompanied by an encouraging statement from CEO Mark Zuckerberg, who said the company’s artificial intelligence development is showing “undeniable” signs of progress.
For the second quarter, Meta posted a net income of USD18.34 billion, up from USD13.47 billion a year earlier. Earnings per share rose to USD7.14, beating analysts’ expectations and topping the USD5.16 posted in the same period last year.
Revenue climbed 22 percent year-over-year to USD47.52 billion, driven by robust advertising performance. Advertising revenue—Meta’s primary income stream—rose 21 percent to USD46.56 billion, also ahead of forecasts.
Shares of Meta, which also owns WhatsApp, jumped 11.5 percent in after-hours trading to USD775.10.
In a letter published on Meta’s website, Zuckerberg emphasized the company’s ongoing pursuit of artificial superintelligence.
“Over the last few months, we have begun to see glimpses of our AI systems improving themselves,” he wrote. “The improvement is slow for now, but undeniable. Developing superintelligence is now in sight.”
Meta projected third-quarter revenue between USD47.5 billion and USD50.5 billion. The company also raised the lower end of its full-year capital expenditure forecast by USD2 billion, narrowing the expected range to USD66 billion to USD72 billion.
