Facebook parent Meta sees strong global ad sales while keeping AI costs in check

Meta Platforms beat market expectations for second-quarter revenue on Wednesday and issued a rosy sales forecast for the third quarter, signaling that robust digital-ad spending on its social media platforms can cover the cost of its artificial-intelligence investments.

Shares of the company were up 6.8% after the bell.

The Facebook and Instagram parent said it anticipates third-quarter revenue in the range of $38.5 billion to $41 billion, the midpoint of which is higher than analysts’ estimates of $39.1 billion, according to LSEG data.