In the midst of an artificial intelligence spending spree, Meta posted stronger-than-expected results for the second quarter, buoyed by growing ad revenue even as its expenses increased.

Meta posted a second-quarter profit that beat expectations by a wide margin, and revenue that topped forecasts for a 12th-straight quarter, as active users, ad impressions and ad prices all rose. The company also provided a revenue outlook for the current quarter that was better than forecast.

Meta (META) reported second-quarter revenue and profits that topped analysts' expectations, sending shares to new highs in extended trading Wednesday. The Facebook, Instagram, and WhatsApp owner's shares rocketed over 11% higher to $774 in after-hours trading,