Meta stock surges after Q2 results blow past expectations despite heavy AI spending

In the midst of an artificial intelligence spending spree, Meta posted stronger-than-expected results for the second quarter, buoyed by growing ad revenue even as its expenses increased. Shares of Meta Platforms Inc. surged more than 9% after-hours as a result. Analysts expected Meta to earn $5.88 per share on revenue of $44.81 billion, according to a poll by FactSet.