Meta Platforms Inc. topped projections for second-quarter sales and gave a stronger-than-expected forecast for the current period, a sign that the social media company’s advertising business is still growing quickly enough to support aggressive spending on artificial intelligence.

Meta Platforms forecast third-quarter revenue well above Wall Street estimates on Wednesday, as artificial intelligence continued to strengthen its core advertising business, sending its shares up 10% in extended trading.

Meta outperformed Wall Street expectations with its Q2 earnings report, sparking an aftermarket rally of as much as 10% Wednesday afternoon. Why it matters: The company's massive continued investments in AI infrastructure and talent — including a high-profile,