Mark Zuckerberg's Meta Is Expected to Report $60 Billion in Q2 Revenue on July 29. The Stock Has Recovered From a 20% Drawdown to Within 5% of Flat for the Year.

Meta reports Q2 earnings July 29 with analysts expecting $60 billion in revenue. The stock has rebounded sharply from a 20% drawdown earlier this year and now sits within 5% of flat for 2025, setting up a critical test of whether CEO Mark Zuckerberg's AI infrastructure bet can justify its price tag.

The headline number matters less than guidance on Zuckerberg's $125-145 billion capital spending plan through 2026 for AI data centers. Meta is exploring a pivot into cloud infrastructure, potentially renting computing power to external customers including Anthropic. The move would create a second revenue stream beyond advertising, diversifying a business model that has powered the recent recovery but faces questions about returns on massive AI investments.

Meta's advertising core remains strong, but the July 29 call will reveal whether the company can articulate a credible path to monetizing its data center buildout. Investors have given Zuckerberg room to spend—the stock's recovery from its 20% slide shows renewed confidence—but that patience hinges on progress indicators tied to the AI infrastructure thesis.