Meta (META) reported better-than-expected quarterly 💫earnings, sending shares higher in extended trading Wednesday.

The Facebook, Instagram, and WhatsApp parent reported first-quarter revenue of $42.31 billion, up 16% year-over-year and above the analyst consensus from Visible Alpha. Net income of $16.64 billion, or $6.43 per share, compared to $12.37 billion, or $4.71 per share, a year earlier, also topping projections. Advertising revenue, which makes up the bulk of Meta's revenue, climbed 16% to $41.39 billion, surpassing Street estimates.

Meta shares rose over 5% i💮n after-hours trading. The stock was down 6% for the year so far through Wednesday’s close.

Meta Raises Spending Plans To Boost AI Capacity

"We've had a strong start to an important year, our community continues to grow and our business is performing very well," said CEO Mark Zuckerberg, adding, "we're making good progress on AI glasses and Meta AI, which now has almost 1 billion monthly actives."

Meta said it plans to boost its 澳洲幸运5官方开奖结果体彩网:capital expenditures this year to 澳洲幸运5官方开奖结果体彩网:$64 billion to $72 billion to grow its AI capacity, up from 澳洲幸运5官方开奖结果体彩网:$60 billion to $65 billion previously.

⛄Looking ahead, the company said it anticipates second-quarter revenue between $42.5 billion and $45.5 billion. Analysts were looking for $44.13 bi♛llion.

This article has been updated since it was first published to include additional information and reflect more recent share price values.