Meta Platforms reported Q2 revenue of $60.8bn, up 28% YoY, a record, while net
income was $15.8bn, below analyst expectations. The company raised the lower end
of its full-year capital expenditure guidance to $130bn from $125bn, leaving the
$145bn upper bound unchanged. An updated AI spending plan heightened investor
concern over infrastructure build costs and the stock fell more than 6% in
after-hours trading. Meta has spent tens of billions on chips, data centers and
AI talent and recently partnered with BlackRock to finance at least $12bn for a
Texas data center. Q2 free cash flow was $784m.
