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Meta Spent Almost Every Dollar It Earned Last Quarter on AI, Left With $784 Million and No Buybacks
Meta reported second-quarter results on July 29 showing $31.86 billion of operating cash flow and $31.08 billion of capital spending, leaving free cash flow of $784 million against $8.55 billion a year earlier. Costs rose 55%, the company bought back no stock, raised nearly $25 billion of debt, and the shares fell as much as 10% after hours. Hours earlier Microsoft spent even more on AI and was rewarded, because Azure crossed $100 billion in annual revenue.
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