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 Platforms, parent of Facebook and Instagra, stock surged after the social-media company blew out second-quarter earnings expectations.

Meta (META) reported second-quarter revenue and profits that topped analysts' expectations, sending shares to new highs in extended trading Wednesday. The Facebook, Instagram, and WhatsApp owner's shares rocketed over 11% higher to $774 in after-hours trading,