ChainThink reports that on July 30, Meta Platforms reported record revenue for its second fiscal quarter, but updated AI spending plans sparked market concerns over infrastructure costs, causing its stock to drop more than 6.8% after hours.
Meta's second-quarter revenue was $60.8 billion, a 28% year-over-year increase; net profit was $15.8 billion, below analyst expectations.
The company raised the lower end of its annual capital expenditure guidance from $125 billion to $130 billion, while maintaining the upper end at $145 billion.
To advance its AI investments, Meta has already invested tens of billions of dollars in chip procurement, data center construction, and talent acquisition, and recently partnered with BlackRock to raise at least $12 billion to build a data center in Texas.
Meta's free cash flow for the second quarter was $784 million.