04:38 PM EDT, 07/31/2024 (MT Newswires) -- Meta Platforms' ( META ) second-quarter earnings and sales surpassed Wall Street's estimates, driven by stronger-than-expected advertising revenue for the Facebook parent.

Per-share earnings jumped to $5.16 for the quarter ended June 30 from $2.98 a year earlier, surpassing the Capital IQ-polled consensus of $4.76. Revenue gained 22% to $39.07 billion, topping market estimates of $38.31 billion.

The stock was up 3.3% in after-hours trade.

Ad revenue increased to $38.33 billion from $31.5 billion, above the $37.55 billion consensus among analysts on Visible Alpha. Both the average price per ad and aggregate ad impressions advanced 10% annually in the second quarter.

Facebook's daily active users increased 7% year-over-year to 3.27 billion on average for June.

Meta, which also owns Instagram and WhatsApp, expects third-quarter consolidated revenue of $38.5 billion to $41 billion, compared with the Capital IQ-polled consensus of $39.18 billion.

Meta now expects its 2024 capital expenditures between $37 billion and $40 billion, lifting the bottom end of the prior outlook from $35 billion.

"While we continue to refine our plans for next year, we currently expect significant capital expenditures growth in 2025 as we invest to support our artificial intelligence research and product development efforts," Chief Financial Officer Susan Li said in a statement.

The company reiterated its 2024 total expense outlook in the $96 billion to $99 billion range.

"We continue to monitor an active regulatory landscape, including the increasing legal and regulatory headwinds in the (European Union) and the US that could significantly impact our business and our financial results," Li said.

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