The company said that the guidance "assumes foreign currency is an approximately 1% headwind to year-over-year total revenue growth, based on current exchange rates." For capital expenditures, Meta narrowed its guidance for the year to between $130 billion and $145 billion from a prior range of $125 billion to $145 billion. With Meta pouring money into artificial intelligence infrastructure, Meta's free cash flow dwindled to $784 million in the quarter from $8.55 billion a year earlier. Last week, rival Alphabet reported that free cash flow turned negative for the first time on record due to the Internet giant's hefty AI spending. Meta's Reality Labs unit generated $4.6 billion in second-quarter operating losses while bringing in $431 million in sales.