Meta业绩超预期、指引强劲，上调全年资本支出下限，盘后大涨10%

Core Insights - Meta's Q2 revenue reached $47.52 billion, significantly exceeding market expectations, with earnings per share at $7.14, also above forecasts [1][4][5] - Strong advertising revenue and lower-than-expected losses in Reality Labs contributed to a projected Q3 revenue of $47.5 to $50.5 billion, higher than analyst estimates [1][3][5] - The company raised its 2025 capital expenditure lower limit from $64 billion to $66 billion, indicating confidence in its advertising business to support aggressive AI investments [1][7][8] Financial Performance - Revenue: Q2 revenue was $47.52 billion, surpassing analyst expectations of $44.83 billion [4] - Earnings per Share: Q2 EPS was $7.14, significantly higher than the expected $5.89 [5] - Advertising Revenue: Q2 advertising revenue was $46.5 billion, exceeding the forecast of $44.07 billion [5] - Reality Labs Losses: Q2 losses for Reality Labs were $4.5 billion, better than the anticipated $4.8 billion loss [5] Business Outlook - Revenue Guidance: Meta expects Q3 revenue to be between $47.5 billion and $50.5 billion, with a midpoint above analyst estimates of $46.2 billion [5] - Capital Expenditure: Projected 2025 capital expenditures are now estimated to be between $66 billion and $72 billion [7][8] AI Investment Strategy - Increased Spending: Meta plans to further increase capital expenditures next year, driven by investments in talent, infrastructure, data centers, and energy to compete in the evolving AI landscape [7][8] - Infrastructure Costs: The primary driver of spending growth will be infrastructure costs, including accelerated depreciation and increased operational costs [8] - Talent Acquisition: Meta is aggressively recruiting top AI researchers with substantial compensation packages, including offers reaching up to $1 billion [11][12] AI Development Challenges - Internal Challenges: The development of advanced AI faces challenges such as employee turnover and frequent organizational restructuring [9] - Competitive Landscape: Competitors are also increasing spending to capture market share as AI usage becomes more prevalent among consumers and businesses [12][13] Product Development - Smart Glasses: Meta is actively entering the smart glasses market, launching products like Ray-Ban Meta and Oakley Meta glasses, as part of its "personal superintelligence" strategy [14] - Reality Labs Losses: Reality Labs has incurred cumulative losses nearing $70 billion since late 2020, with Q1 losses reported at $4.2 billion [14][15]