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.

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.

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.