Tech
Meta stock surges after Q2 results blow past expectations despite heavy AI spending
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Meta’s artificial intelligence spending spree appears to be paying off with investors, who sent the company’s stock soaring after hours on Wednesday following a blowout quarterly earnings report.
The Menlo Park, California-based company easily beat Wall Street’s expectations for the second quarter, helped by higher advertising revenue and a growing user base on its flagship social media platforms. The money is helping to fund the company’s massive investments in AI development and hiring top talent at eye-popping compensation levels.
“Not only has…
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