Meta reports better-than-expected sales in Q2, shares jump by 10%

Meta Platforms Inc. reported better-than-expected sales in the second quarter on Wednesday, signaling that the company’s investments in artificial intelligence are helping it sell more targeted ads. Shares jumped in Thursday trading.

That progress is buying Chief Executive Officer Mark Zuckerberg more time to prove that his bets on the metaverse and AI are worth their while. In a call with investors and analysts on Wednesday, he expounded on Meta’s push into the type of large language models that power AI chatbots and praised the company’s AI smart glasses and virtual reality headsets.