Following after-hours trading, Meta’s Q2 earnings’ amazing results propelled its stock to fresh heights as CEO Mark Zuckerberg discussed the company’s overall plan in the artificial intelligence contest. The group also stressed that fighting for artificial intelligence talent calls for substantial financial commitment.
In its second-quarter report, Meta’s Q2 earnings surpassed analysts’ expectations for both revenue and earnings per share. With revenues of $47.52 billion, exceeding the projected $44. 83 billion, earnings per share were $7.14, versus the estimated $5.89.
After the analyst call, Meta’s shares jumped over 12% in after-hours trading to reach $780, which would be a record high for the stock. Referencing Meta’s recent rise in AI hiring, the firm named employee compensation for technical talent in priority areas as the second-largest driver of cost increase, only behind infrastructure costs.
Zuckerberg commemorated the opening of his new Superintelligence Lab under the direction of Alexandr Wang, creator of Scale AI, a hiring made possible by Meta’s Q2 amazing earnings of $15 billion commitment in the startup. “We’re building an elite, talent-dense team,” he stated. “I’ve spent a lot of time building this team this quarter.”
Among those hired were former OpenAI scientist Shengjia Zhao, now head scientist of Meta’s Superintelligence Labs, and ex-GitHub CEO Nat Friedman. Clearly upbeat about the idea of simplified AI divisions, the Meta CEO praised “the ability for tiny, talent-dense teams to symbolize the perfect environment for the development of frontier research.”
The corporation also updated its well-known artificial intelligence Ray-Bans, reporting that sales are accelerating and have helped Reality Labs division’s revenue rise by almost 5%. Reflecting the vision he stated in a letter earlier in the day on personal superintelligence, Zuckerberg observed that glasses will be the perfect form factor for AI. Meta CFO Susan Li indicated on the advertising front that almost 2 million advertisers have used the company’s artificial intelligence video generation and picture products.