Meta Platforms reported second-quarter revenue of $47.52 billion, up 22% from a year earlier and nearly $3 billion above consensus. Earnings rose to $7.14 a share, beating the $5.89 estimate, while net income climbed 36% to $18.34 billion. Operating margin expanded five percentage points to 43% as advertising revenue reached $46.56 billion. The company projected third-quarter revenue of $47.5 billion to $50.5 billion, well ahead of analysts’ $46.2 billion view. Management raised the low end of its full-year capital-expenditure plan by $2 billion to a range of $66 billion-$72 billion, saying spending on data centers and talent is critical to its artificial-intelligence ambitions. Total 2025 expenses are still expected to come in between $114 billion and $118 billion. Chief Executive Officer Mark Zuckerberg told analysts that AI-driven ad tools lifted conversion rates by 5% on Instagram and 3% on Facebook, underscoring the technology’s growing contribution to the company’s core business. Family daily active people across Meta’s apps rose 6% to 3.48 billion during June. Shares leapt roughly 11% in post-market and early trading on the results. Brokerages including Bank of America, Citi and JPMorgan raised their price targets, with the highest now at $930, and reiterated bullish ratings, citing sustained ad momentum and the payoff from Meta’s aggressive AI investment.