Earnings per share for Meta rose to $7.14 versus Wall Street’s consensus estimate of $5.88, according to FactSet, and up from $5.16 last year. Revenue for the quarter reached $47.5 billion, well above expectations of $44.8 billion, and up 22% on the year.

In the midst of an artificial intelligence spending spree, Meta posted stronger-than-expected results for the second quarter, buoyed by growing ad revenue even as its expenses increased.

Meta's strong earnings report sent its stock soaring after hours. The company also made it clear that the AI talent wars come with a hefty price tag.