Meta sales beat estimates on advertising growth

Social appeal: The Facebook app on a phone. Meta, the parent company of Facebook, says it will be raising its projections for capital expenditure by US$2bil. — AP

DENVER: Meta Plaforms Inc reported better-than-expected sales for the second quarter, offering evidence that the company’s investments in artificial intelligence (AI) are helping it sell more targeted and personalised advertisements.

Meta shares jumped about 5% in late trading.