Meta Platforms surges on revenue forecast beat, small capex hike

Shares of Meta Platforms META.O up 9% at $757.60 after the bell.

Facebook parent forecasts third-quarter revenue well ahead of Wall Street expectations.

Also narrows annual capital expenditures forecast, driven by the social media giant's high-stakes push for "superintelligence" in the heated AI race.

Sees Q3 total revenue in the range of $47.5 billion to $50.5 billion, compared with analysts' average estimate of $46.17 billion, as per data compiled by LSEG.

Now expects annual capital expenditures to be between $66 billion and $72 billion, compared with its prior projection of $64 billion and $72 billion.

Stock is up ~19% so far this year, as of last close.