Mark Zuckerberg says superintelligence should belong to everyone. Meta's own balance sheet suggests that promise is getting expensive fast, and the…
Mark Zuckerberg says superintelligence should belong to everyone. Meta's own balance sheet suggests that promise is getting expensive fast, and the numbers behind Zuckerberg's biggest bet not working out cleanly are now sitting in plain view in the company's latest earnings report.
At a Glance
- Meta's free cash flow dropped 91% year over year, from $8.55 billion to $784 million in the second quarter.
- Capital spending hit $31.08 billion for the quarter, more than double what Meta spent a year earlier.
- Full year capital spending guidance was narrowed upward to $130 billion to $145 billion.
- Reality Labs posted a $4.62 billion operating loss on just $431 million of revenue.
- Shares fell nearly 10% in extended trading after the report.
The essay that came a day before the invoice
On July 28, Zuckerberg published an opinion piece in The Wall Street Journal called