Meta raised its capital-expenditure forecast, but it’s also posting strong enough revenue growth to support that spending.

Meta said it plans to raise its capital spending this year to $64 billion to $72 billion to speed up AI capacity.

Meta reported first-quarter sales of US$42.31 billion ($66.2 billion), beating Wall Street estimates of US$41.4 billion, with earnings per share of US$6.43 versus US$5.28 expected, according to LSEG data.

Facebook owner Meta Platforms has launched a stand-alone artificial-intelligence app, becoming the latest technology giant to enter a field already facing intense competition.

Facebook parent Meta Platforms on Tuesday launched a separate app for its Meta AI assistant, similar to those offered by Microsoft-backed OpenAI and Alphabet's Google.

Meta Platforms Inc. is hosting its first generative artificial intelligence conference for developers, LlamaCon, on Tuesday.