Earnings per share for Meta rose to $7.14 versus Wall Street’s consensus estimate of $5.88, according to FactSet, and up from $5.16 last year. Revenue for the quarter reached $47.5 billion, well above expectations of $44.8 billion, and up 22% on the year.

The company just crushed Wall Street's earnings expectations, fueled by AI-driven efficiency gains in its thriving ad business.

Meta's strong earnings report sent its stock soaring after hours. The company also made it clear that the AI talent wars come with a hefty price tag.