A $15.9 billion tax charge dragged down Meta’s earnings last quarter.
The social media giant and AI hyperscaler reported revenue of $51.24 billion, beating Wall Street’s estimates of $49.5 billion. Earnings per share came in at $6.03, compared to estimates for $6.72. The stock fell more than 9% in after-hours trading.
Heading into the 4:30 p.m. ET call with analysts, Wall Street was eager to hear more on its plans for capex and how it will monetize AI. Meta recently invested $14 billion in Scale AI with the goal of reaching AI “superintelligence.” The company is on track to spend upwards of $70 billion on AI projects this year, and investors will be listening closely to any changes to that figure.
Analysts say they’re also listening for news on AI-driven improvements to its ad business and updates on devices like its Ray-Ban AI glasses lineup.
Follow along for the play-by-play from the analyst call below:
