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.

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.

Meta reported second-quarter earnings that surpassed analysts' expectations, sending shares to new highs in extended trading.