Meta's Q2 revenue soars 22% to $39.1 bn; Projects Q3 revenue between $38.5 bn-$41 bn

New Delhi: Meta has issued a positive sales forecast for the third quarter, indicating that strong digital ad spending on its social media platforms is expected to offset the costs of its artificial intelligence investments.

The parent company of Facebook and Instagram anticipates third-quarter revenue to be between $38.5 billion and $41 billion.

For the April to June period, revenue increased by 22% to $39.1 billion, surpassing analysts' expectations of $38.3 billion.

Profits surged to nearly $13.5 billion despite significant investments in AI projects.

Meta Chief Financial Officer Susan Li stated that the company continues to see healthy global advertising demand and is benefiting from a multiyear project to enhance targeting, ranking, and delivery systems for digital ads using AI.

Family daily active people (DAP), a metric that tracks unique daily users across its apps, increased by 7% year-over-year to an average of 3.27 billion for June.

The company reported capital expenditures of $8.47 billion for the second quarter, lower than the $9.51 billion estimated by analysts.