Meta Reports Record Q2 Revenue, Stock Price Drops Nearly 7%

On July 30, Meta Platforms reported a record revenue of $60.8 billion for the second quarter, a 28% year-on-year increase. However, its net profit of $15.8 billion fell short of analysts' expectations. The company's update on AI spending plans raised investor concerns about infrastructure construction costs, leading to a post-market stock price drop of over 6.8%. Meta slightly raised the lower end of its annual capital expenditure guidance from $125 billion to $130 billion, while keeping the upper limit unchanged at $145 billion. To keep pace in the AI race, Meta has invested billions of dollars in chip procurement, data center construction, and top talent recruitment, and has partnered with BlackRock to finance at least $12 billion for the construction of a data center in Texas. Meta's free cash flow for the second quarter was $784 million.

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