Meta Platforms lost another $4.5 billion at Mark Zuckerberg's metaverse business Reality Labs in the second quarter of this year, bringing total losses since 2019 to almost $60 billion.

In its Q2 earnings call on July 31, Meta reported higher-than-expected revenue of $49 billion, a 22% increase over last year and the company's second-biggest quarter ever. Additionally, the company posted a profit of $13.5 billion, the majority of which was driven by advances in AI and its applications.

Meta's share price rose 7.1% following the earnings call, and its Q2 results beat most analysts' expectations. Zuckerberg stated that Meta AI is on track to become the world's most used AI assistant by the end of 2024.

Meta plans to significantly increase capital spending in 2025. Reality Labs had sales of $353 million in Q2 but reported a loss of $4.5 billion. Reality Labs expects operating losses to increase "meaningfully" on a year-over-year basis, Li said.

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