Meta Platforms forecast third-quarter revenue well above analysts' estimates, as artificial intelligence once more powered its core advertising business, sending its shares soaring 11% in extended trading.

The release of Open AI's ChatGPT has accelerated the development of artificial intelligence and warnings about its impact on society.

Rise of AI

Meta reported quarterly revenue of $47.5 billion, exceeding analyst estimates, with CEO Mark Zuckerberg attributing the growth to improvements in AI-driven advertising on platforms like Instagram and Facebook. The company projected higher third-quarter revenue and increased its annual capital expenditure forecast by $2 billion, reflecting ongoing investments in AI, including a significant stake in Scale.ai and recruitment of its CEO.

Meta's share price rose by over 11 percent in extended trading following the announcement. Despite these positive results, the company anticipates a challenging fourth quarter due to regulatory pressures in the U.S. and internationally, including a potential antitrust ruling related to Instagram and WhatsApp.

Meta shares jump as Zuckerberg stands firm on AI bets

Meta's earnings and forecasts beat analysts' estimates Wednesday as it said artificial intelligence was making big strides in its core ad businesses. The Facebook parent posted a revenue of $47.5 billion for the quarter ending in June, beating expectations. CEO Mark Zuckerberg said in a conference call Wednesday metrics on AI-driven ad conversions on Instagram and Facebook edged up in the second quarter. Ad conversions refer to a user making a purchase or a commitment after clicking or viewing an ad. Meanwhile, Meta ranged its third-quarter revenue somewhere between $47.5 to $50.5 billion, higher than analysts' estimates. Meta shares were boosted by over 11 percent in extended trading. The bumper results could ease investors' worries about the social media giant's frenzied pace of spending. Zuckerberg has pledged to spend hundreds of billions of dollars building massive AI data centres, having shelled out $14 billion for a stake in start-up Scale.ai, and poached its 28-year-old billionaire CEO Alexander Wang. Meta on Wednesday raised its annual capital expenditures forecast by $2 billion and said its 2026 expense growth rate would outstrip the one in 2025. Looking ahead, the company says it expects a rocky fourth quarter. It faces regulatory challenges in the U.S. and abroad. A possible ruling later this year in the U.S. in an antitrust trial involving Instagram and WhatsApp may add uncertainty to its future, says an industry analyst.

U.S. President Donald Trump has signed an executive order increasing tariffs on Canadian goods that don't meet the terms of the Canada-U.S.-Mexico Agreement to 35 per cent.

Ottawa

Global Tariffs

Trump raises Canada tariff to 35%, grants extension to Mexico

U.S. special envoy Steve Witkoff met Israeli Prime Minister Benjamin Netanyahu on July 31 in a bid to salvage Gaza truce talks and tackle a humanitarian crisis in the enclave, where a global hunger monitor has warned that famine is unfolding.

Jerusalem

Middle East Conflict

Trump's envoy meets Netanyahu for Gaza aid, ceasefire push

Fighting entrenched corruption is crucial for Ukraine's aspirations to join the EU and maintain access to billions of euros of vital Western aid as Russia's all-out war grinds on.

Kyiv

Ukraine approves law to restore independence of anti-graft watchdogs

U.S. special envoy Steve Witkoff is visiting Israel as more countries join the call to recognize a Palestinian state in September. CBS News' Robert Berger has the latest.

Trump envoy in Israel as Canada joins call on Palestinian statehood

President Donald Trump says the U.S. will charge a 15% tariff on imports from South Korea as part of a deal that eases, for now, tension with a top-10 trading partner and key Asian ally.

Washington

Trump says U.S. will set 15% tariff on South Korean imports

U.S. President Donald Trump slapped a 50% tariff on most Brazilian goods to fight what he has called a "witch hunt" against former President Jair Bolsonaro, but softened the blow by excluding sectors such as aircraft, energy and orange juice from heavier levies.

Rio de Janeiro

Trump hits Brazil with tariffs, sanctions but key sectors excluded

Widespread damage from tsunami waves after one of the strongest earthquakes ever recorded appears to have been largely avoided. Experts say this event should be used to gauge disaster preparedness for a more serious situation in the future.

Okinawa

Tsunami damage less severe than feared after Russian earthquake

Prime Minister Mark Carney announced that Canada will recognize a Palestinian state later this year if the Palestinian Authority, which governs parts of the West Bank, meets certain conditions.

Canada to recognize Palestinian state in September if conditions met

Australia said on Wednesday (July 30) it will add YouTube to sites covered by its world-first ban on social media for teenagers, reversing an earlier decision to exempt the Alphabet-owned video-sharing site and potentially setting up a legal challenge.

Canberra

Australia expands teen social media ban to YouTube

President Donald Trump said on Wednesday (July 30) the United States will impose a 25% tariff on goods imported from India, as well as an unspecified penalty for buying Russian weapons and oil, on Aug. 1.

Trump says U.S. to hit India with 25% tariff starting August 1

Mourners flooded the streets of Birmingham to celebrate the life of rock-and-roll legend Ozzy Osbourne during his funeral procession in the United Kingdom. Mark Savage, a music reporter at the BBC, a CBS News partner, joins with more details.

Birmingham

Ozzy Osbourne fans flood Birmingham streets to mourn late music icon

U.S. President Donald Trump told reporters before departing from Scotland that Jeffrey Epstein poached workers from his Mar-a-Lago spa. Trump mentioned Virginia Giuffre, one of Epstein's most vocal accusers, in his latest remarks.

Trump says Epstein 'stole' young women from Mar-a-Lago spa

Owdeh Hathaleen, a 31-year‑old Palestinian activist, teacher, and filmmaker behind the Oscar-winning documentary No Other Land, was shot dead by an Israeli settler near the village of Umm al‑Khair in the South Hebron Hills.

Palestinian activist killed by Israeli settler in West Bank

A powerful magnitude 8.8 earthquake off Russia's Far Eastern Kamchatka Peninsula triggered tsunami waves of up to 16 feet nearby, and sparked evacuation orders in Japan, Hawaii and across the Pacific on Wednesday (July 30).

Hawaii

Tsunami reaches Hawaii after huge quake shakes Russia's Far East

The U.N. General Assembly brought high-level officials together to promote a two-state solution to the decades-old Israel-Palestinian conflict. Israel and the United States are boycotting the two-day meeting, co-chaired by the foreign ministers of France and Saudi Arabia

New York

Israel and U.S. boycott UN Summit for two-state solution

With numerous countries facing an Aug. 1 trade agreement deadline, officials in the Trump administration say China could get an extension while negotiations continue.

Trump officials suggest potential tariff truce with China

Police say the man who shot and killed four people in a New York City office building before he took his own life had a "documented mental health history." Mayor Eric Adams says he may have been targeting the National Football League (NFL).

Manhattan gunman had 'documented mental health history'

Jeffrey Epstein-associate Ghislaine Maxwell is offering to testify before Congress in exchange for concessions like full immunity. CBS News Department of Justice reporter Jake Rosen has more.

Ghislaine Maxwell offers to testify before Congress

Prime Minister Keir Starmer said on Tuesday (July 29) Britain was prepared to recognize a Palestinian state in September at the United Nations General Assembly unless Israel takes a number of steps to improve life for Palestinians.

London

UK to recognize Palestinian state unless Israel takes action

Russia launched overnight air strikes on over 70 Ukrainian cities, killing more than 20 people, according to President Zelenskyy. A pregnant woman died near a hospital in the southeast, while a prison strike killed at least 17.

Ukraine Invasion

Deadly Russian air raids hit Ukraine as Trump warns of sanctions

For the first time, human rights groups inside Israel are accusing their own government of committing genocide in Gaza. Israel insists it is targeting Hamas, not civilians—despite nearly 60,000 Palestinian deaths since the war began almost two years ago.

Rights groups in Israel accuse country of genocide

As Gaza’s crisis worsens, France is advocating for a two-state solution at a UN conference co-chaired by the French foreign minister. The meeting follows President Macron’s announcement that France will formally recognize a Palestinian state in September.

France leads UN talks on Israel-Palestine two-state solution

Former Colombian President Álvaro Uribe was found guilty of bribery and witness tampering in an unprecedented trial that has shaken the country.

Bogotá

Ex-Colombian president Uribe convicted of witness tampering, bribery

Russian Security Council Deputy Chairman Dmitry Medvedev posted on social media that President Trump's deadline push for a ceasefire with Ukraine is "a threat and a step towards war."

Moscow

Russian official calls Trump's ceasefire deadline 'a threat'

Ukraine says Russia's overnight air strikes hit a prison in Zaporizhzhia in the southeast, killing at least 17 people. Another 35 were injured. Authorities say the attacks destroyed the jail buildings and damaged several nearby houses.

Zaporizhzhia

Russian air strikes hit a prison in Ukraine's Zaporizhzhia, 17 killed

Russia launched yet another attack on Ukraine overnight, with more than 300 drones and seven missiles. While most of the barrage was intercepted, the attacks prompted President Trump to give his Russian counterpart an ultimatum.

Trump gives Putin new deadline to end Ukraine war

A gunman killed at least one police officer and shot a handful of other people Monday in the heart of New York City. CBS News New York has the latest details.

Gunman kills police officer, wounds others in Midtown Manhattan

The suspect in the Michigan Walmart stabbing attack that injured 11 people over the weekend pleaded not guilty Monday to terrorism and assault charges.

Traverse City

Suspect pleads not guilty in Walmart stabbing attack

The U.S. Department of Justice says it took down child abuse websites that had more than 120,000 members and contained millions of files. CBS News' Scott MacFarlane explains how the arrest of one suspect nicknamed "Boss" was a huge priority for the FBI.

U.S. Justice Dept. shuts down four child abuse websites

Five people, including security guards, were killed by a gunman at Bangkok's Or Tor Kor market on Monday. The shooter, who injured two others, later killed himself, according to authorities.

Meta shares jump as Zuckerberg stands firm on AI bets

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Rise of AI