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 Meta made demonstrable strides with AI, but it’s helping to future proof itself as a growth company, should its family of apps get affected by the current anti-trust case or changing social media sentiment,” said Forrester research director Mike Proulx.
Meta is facing an antitrust case that's now awaiting a judge's decision and could force the company to break off WhatsApp and Instagram, startups Meta bought more than a decade ago that have since grown into social media powerhouses.
The company earned $18.34 billion, or $7.14 per share, in the April-June period. That's up 36% from $13.47 billion, or $5.16 per share, in the same period a year earlier.
Revenue jumped 22% to $47.52 billion from $39.07 billion.
Analysts expected Meta to earn $5.88 per share on revenue of $44.81 billion, according to a poll by FactSet.
Meta's daily active user base on its apps — Facebook, Messenger, WhatsApp, Instagram and Threads — was 3.48 billion, up 6% year-over-year.
Meta said it expects costs to increase as it spends billions on infrastructure and luring highly compensated employees as it works on its AI ambitions. It's forecasting 2025 expenses to be in the range of $114 billion to $118 billion, up 20% to 24% year-over-year.
In the latest demonstration of his AI enthusiasm, CEO Mark Zuckerberg on Wednesday posted a note detailing his views on “personal superintelligence” that he believes will “help humanity accelerate our pace of progress.” While he said that developing superintelligence is now “in sight,” he did not detail how this will be achieved or exactly what “superintelligence” means.
The abstract idea of “superintelligence” is what rival companies call artificial general intelligence, or AGI. It's the latest pivot for a tech leader who in 2021 went all-in on the idea of the metaverse, changing the company’s name and investing billions into advancing virtual reality and related technology.
“Meta’s vision is to bring personal superintelligence to everyone. We believe in putting this power in people’s hands to direct it towards what they value in their own lives,” Zuckerberg wrote. “This is distinct from others in the industry who believe superintelligence should be directed centrally towards automating all valuable work, and then humanity will live on a dole of its output.”
Zuckerberg said in a conference call he believes AI glasses are going to be “the main way we integrate superintelligence.”
Last month, Meta invested $14.3 billion in AI company Scale and recruited its CEO Alexandr Wang to join a team developing “superintelligence.” The tech giant also cut a 20-year deal in early June to secure nuclear power to help meet surging demand for AI and other computing needs.
Meta ended the quarter with 75,945 employees, up 7% from a year earlier.
Meta's shares rose $81.87, or 11.8% to $777.08 in after-hours trading — on track to reach a record high Thursday after the stock market opens.
FILE - The Facebook logo is seen on a cell phone in Boston, USA, Oct. 14, 2022. (AP Photo/Michael Dwyer, File)
WASHINGTON (AP) — Venezuelan opposition leader María Corina Machado said she presented her Nobel Peace Prize medal to President Donald Trump at the White House on Thursday even as he has questioned her credibility to take over her country after the U.S. ousted then-President Nicolás Maduro.
The Nobel Institute has said Machado could not give her prize to Trump, an honor that he has coveted. Even if it the gesture proves to be purely symbolic, it was extraordinary given that Trump has effectively sidelined Machado, who has long been the face of resistance in Venezuela. He has signaled his willingness to work with acting President Delcy Rodríguez, who had been Maduro’s second in command.
“I presented the president of the United States the medal, the Nobel Peace Prize," Machado told reporters after leaving the White House and heading to Capitol Hill. She said she had done so "as a recognition for his unique commitment with our freedom.”
Trump has raised doubts about his stated commitment to backing democratic rule in Venezuela, giving no timetable on when elections might be held. Machado indicated that he had provided few specifics on that front during their discussion.
She did not provide more information on what was said, and the White House did not say if Trump accepted the medal or offer other details of its own.
After a closed-door meeting with Trump, Machado greeted dozens of cheering supporters waiting for her near the White House gates, stopping to hug many.
“We can count on President Trump,” she told them without elaborating, prompting some to briefly chant, “Thank you, Trump.”
Before her visit to Washington, Machado had not been seen in public since she traveled last month to Norway, where her daughter received the peace prize on her behalf. She had spent 11 months in hiding in Venezuela before she appeared in Norway after the ceremony.
The jubilant scene after her meeting with Trump stood in contrast to political realities in Venezuela. Rodríguez remains in charge of day-to-day government operations, along with others in Maduro’s inner circle. In her first state of the union speech Thursday, the interim president promoted the resumption of diplomatic ties between the historic adversaries and advocated for opening the state-run oil industry to more foreign investment after Trump pledged to seize control of Venezuelan crude sales.
Trump has said it would be difficult for Machado to lead because she “doesn’t have the support within or the respect within the country.” Her party is widely believed to have won 2024 elections rejected by Maduro.
White House press secretary Karoline Leavitt called Machado “a remarkable and brave voice” but also said the meeting didn’t mean Trump’s opinion of her changed, calling it “a realistic assessment.”
Leavitt told reporters that Trump supported new Venezuelan elections “when the time is right” but did not say when he thought that might be.
Leavitt said Machado had sought the face-to-face meeting without setting expectations for what would occur. She spent about two and a half hours at the White House.
“I don’t think he needs to hear anything from Ms. Machado," the press secretary said while the meeting was still going on, other than to have a ”frank and positive discussion about what’s taking place in Venezuela.”
After leaving the White House, Machado went on to a closed-door meeting with a bipartisan group of senators.
Sen. Chris Murphy, D-Conn., said Machado told them that “if there’s not some progress, real progress towards a transition in power, and/or elections in the next several months, we should all be worried.”
“She reminded us that Delcy Rodríguez is, in many ways, worse than Maduro,” he added.
Asked if Machado had heard any commitment from the White House on holding elections in Venezuela, Murphy said, “No, I don’t think she got any commitment from them."
Sen. Bernie Moreno, an Ohio Republican, was exultant following the meeting, saying Machado "delivered a message that loud and clear: What President Trump did was the most important, significant event in Latin America. That getting rid of Maduro was absolutely essential.”
Machado's Washington stop coincided with U.S. forces in the Caribbean Sea seizing another sanctioned oil tanker that the Trump administration says had ties to Venezuela. It is part of a broader U.S. effort to take control of the South American country’s oil after U.S. forces captured Maduro and his wife less than two weeks ago at a heavily guarded compound in the Venezuelan capital of Caracas and brought them to New York to stand trial on drug trafficking charges.
Leavitt said Venezuela's interim authorities have been fully cooperating with the Trump administration and noted that Rodríguez's government said it planned to release more prisoners detained under Maduro. Among those released were five Americans this week.
Trump said Wednesday that he had a “great conversation” with Rodríguez, their first since Maduro was ousted.
Just hours after Maduro's capture, Trump said of Machado that “it would be very tough for her to be the leader.” Machado had steered a careful course to avoid offending Trump, notably after winning the peace prize, and had sought to cultivate relationships with him and key administration voices like Secretary of State Marco Rubio.
The industrial engineer and daughter of a steel magnate, Machado began challenging the ruling party in 2004, when the nongovernmental organization she co-founded, Súmate, promoted a referendum to recall then-President Hugo Chávez. The initiative failed, and Machado and other Súmate executives were charged with conspiracy.
A year later, she drew the anger of Chávez and his allies again for traveling to Washington to meet President George W. Bush, whom Chávez considered an adversary.
Almost two decades later, she marshaled millions of Venezuelans to reject Chávez’s successor, Maduro, for another term in the 2024 election. But ruling party-loyal electoral authorities declared him the winner despite ample credible evidence to the contrary. Ensuing anti-government protests ended in a brutal crackdown.
Garcia Cano reported from Caracas, Venezuela. Associated Press writers Lisa Mascaro, Stephen Groves, Michelle L. Price and Matthew Lee in Washington, and Megan Janetsky in Mexico City contributed to this report.
Venezuelan opposition leader Maria Corina Machado is welcomed at the Capitol before a meeting with senators, from left, Sen. John Curtis, R-Utah, Sen. Ruben Gallego, D-Ariz., Sen. Dick Durbin, D-Ill., Sen. Alex Padilla, D-Calif., and Sen. Chris Murphy, D-Conn., as the Nobel Peace Prize recipient visits American leaders two weeks after President Donald Trump toppled Venezuelan president Nicolas Maduro in a stunning military raid, at the Capitol in Washington, Thursday, Jan. 15, 2026. (AP Photo/J. Scott Applewhite)
Venezuelan opposition leader María Corina Machado, center, leaves the Capitol, Thursday, Jan. 15, 2026, in Washington. (AP Photo/Allison Robbert)
Venezuelan opposition leader Maria Corina Machado, center, is welcomed by Sen. Dick Durbin, D-Ill., left, Sen. Ruben Gallego, D-Ariz., far left, and Sen. Alex Padilla, D-Calif., right, as the Nobel Peace Prize recipient visits American leaders at the Capitol in Washington, Thursday, Jan. 15, 2026. (AP Photo/J. Scott Applewhite)
Venezuelan opposition leader María Corina Machado gestures to supporters on Pennsylvania Avenue as she leaves the White House after meeting with President Donald Trump Thursday, Jan. 15, 2026, in Washington. (AP Photo/Pablo Martinez Monsivais)
Venezuelan opposition leader María Corina Machado waves to supporters on Pennsylvania Avenue as she leaves the White House after meeting with President Donald Trump Thursday, Jan. 15, 2026, in Washington. (AP Photo/Pablo Martinez Monsivais)
Venezuelan opposition leader María Corina Machado smiles on Pennsylvania Avenue as she leaves the White House after meeting with President Donald Trump Thursday, Jan. 15, 2026, in Washington. (AP Photo/Pablo Martinez Monsivais)
Venezuelan opposition leader María Corina Machado waves to supporters on Pennsylvania Avenue as she leaves the White House after meeting with President Donald Trump Thursday, Jan. 15, 2026, in Washington. (AP Photo/Pablo Martinez Monsivais)
FILE - U.S. President George Bush, right, meets with Maria Corina Machado, executive director of Sumate, a non-governmental organization that defends Venezuelan citizens' political rights, in the Oval Office of the White House, Washington, May 31, 2005. (AP Photo/Charles Dharapak, File)
FILE - Opposition leader Maria Corina Machado gestures to supporters during a protest against President Nicolas Maduro the day before his inauguration for a third term, in Caracas, Venezuela, Thursday, Jan. 9, 2025. (AP Photo/Ariana Cubillos, file)
