Key financial figures:

• Capital expenditures totaled $19.84 billion, below the average estimate of $27.57 billion.
• Full-year capital expenditure guidance raised to a range of $125 billion to $145 billion.
• Full-year expense outlook maintained at between $162 billion and $169 billion.

Mark Zuckerberg stated, “I expect that we will invest a significant amount of capital over the coming years to pursue that opportunity.” This investment focus includes plans for AI infrastructure, which Meta aims to bolster significantly in the upcoming years.

The increase in headcount reflects ongoing growth, with Meta employing 77,986 people as of March 31, marking a 1% rise year-on-year.

The results come against a backdrop of strong momentum in technology stocks; the Nasdaq Composite has risen by 14% for the month through Wednesday’s close. However, investor sentiment has soured following these mixed results.

Meta’s capital expenditures were lower than anticipated, reflecting concerns about future profitability and operational efficiency. The company attributed this shortfall partly to higher component pricing and additional data center costs necessary to support future capacity.

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