Meta raised its capital-expenditure forecast, but it’s also posting strong enough revenue growth to support that spending.

Meta said it plans to raise its capital spending this year to $64 billion to $72 billion to speed up AI capacity.

Meta reported first-quarter sales of US$42.31 billion ($66.2 billion), beating Wall Street estimates of US$41.4 billion, with earnings per share of US$6.43 versus US$5.28 expected, according to LSEG data.

Shares in artificial intelligence and cloud-computing-related companies were rising sharply in late trade on Wednesday after Meta Platforms and Microsoft results beat Wall Street expectations.

West Coast tech giants Microsoft and Meta both exceeded analyst forecasts in first-quarter earnings reports Wednesday.

U.S. stock futures rose sharply Wednesday night, driven by strong earnings reports from tech giants Microsoft and Meta Platforms. This positive momentum came after a choppy regular session where Wall Street posted

Facebook parent Meta Platforms on Tuesday launched a separate app for its Meta AI assistant, similar to those offered by Microsoft-backed OpenAI and Alphabet's Google.

Meta Platforms Inc. released a new standalone artificial intelligence app on Tuesday in a bid to compete with other popular chatbots like OpenAI’s ChatGPT.

Meta Platforms Inc. is hosting its first generative artificial intelligence conference for developers, LlamaCon, on Tuesday.