Meta Q2 Revenue Hits Record $60.8B, Stock Drops 6% on AI Capex Hike

Meta reports record Q2 revenue of $60.8B but misses profit estimates. Raising annual capex guidance to $130B-$145B for AI infrastructure triggers 6% after-hours sell-off.

Woofun AI reports that Meta Platforms delivered record second-quarter revenue of $60.8 billion, representing a 28% year-over-year increase.

However, net profit of $15.8 billion fell short of analyst expectations, while free cash flow stood at $784 million.

The company adjusted its annual capital expenditure guidance, raising the lower bound from $125 billion to $130 billion while maintaining the upper limit at $145 billion. This increase reflects ongoing investments in chip procurement, data centers, and talent acquisition to compete in the AI sector, including a partnership with BlackRock to raise at least $12 billion for a Texas data center. Consequently, shares declined over 6% in after-hours trading.