Meta's shares rose in after-hours trading on Wednesday off the back of a strong earnings report that comes as the company is spending heavily on AI tools. The company's stock price grew around 5% following the report, which revealed the company outperformed analysts' expectations for its second quarter. Meta, which owns Facebook, Instagram and WhatsApp, reported 39.07bn in revenue and 5.16 earnings per share. Both results outpaced market predictions of around 38bn in revenue and 4.7 per share, while the company also reported 8.47bn in capital expenditures – lower than analysts expected. "We had a strong quarter, and Meta AI is on track to be the most used AI assistant in the world by the end of the year," Mark Zuckerberg, Meta's CEO, claimed in a statement.