Meta Platforms reported Q2 2026 earnings Wednesday evening that beat on revenue and missed badly on profit, sending shares down more than 7 percent in after-hours trading. Revenue of $60.8 billion grew 28 percent year over year and cleared the $60.2 billion consensus. EPS of $6.18 missed the $7.22 estimate by 14 percent, the steepest EPS miss Meta has delivered in years. Investors who have been pressing Zuckerberg for proof that $100-plus billion in AI spending will generate returns saw another quarter where the spending grew faster than the profits. Q3 revenue guidance of $61 to $64 billion also missed the $63.1 billion consensus midpoint.