Ammon News - Meta Platforms rode strong advertising performance to beat analysts' revenue estimates for the first quarter and match expectations for the next quarter on Wednesday, assuaging investor concerns over tariff-related economic growth fears.

The Facebook and Instagram parent also increased planned capital expenditures this year as it speeds up construction of data centers that can support artificial intelligence, which it sees bolstering and transforming its business.

Shares of the company were up 5% in extended trading.

Meta boosted its 2025 capital expenditure plans to between $64 billion and $72 billion. CEO Mark Zuckerberg previously said the company could spend as much as $65 billion this year.

"The pace of progress across the industry and the opportunities ahead for us are staggering. I want to make sure that we're working aggressively and efficiently, and I also want to make sure that we are building out the leading infrastructure and teams," Zuckerberg told investors on a call after publishing results.

Meta executives said most of the total capex is going towards supporting the core business, such as supplying the computing power for ads, rather than generative AI development. Reuters