Meta Platforms reported second-quarter revenue of $60.8 billion, up 28% year over year, beating estimates of $58.7 billion, but missed earnings per share expectations with $6.18 versus the $7.22 consensus due to one-time charges totaling $3.58 billion. The stock fell more than 11% in extended trading while the company raised its full-year capital expenditure guidance to a range of $130 billion to $145 billion, above expectations. Meta also lowered its price target to $700 from $750. On the positive side, Instagram reached 2 billion daily active users and Threads crossed 500 million monthly actives, becoming the fastest-growing conversation app ever recorded.
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