Meta reported Q2 2026 revenue of $60.80 billion, up 28% from $47.52 billion in the year-ago quarter, beating the $60.17 billion analyst consensus. Earnings per share came in at $6.18, well below the $7.22 analysts expected. The company held its earnings call on July 29, 2026. CNBC Meta Investor Relations

Mark Zuckerberg used the call to lay out a substantially broadened enterprise AI strategy. He told investors that Meta sees "a large enterprise opportunity to sell to businesses, including APIs, business agents, potentially selling compute directly, and other services that we're building for large customers." TechCrunch

The near-term entry point is advertisers. Zuckerberg said Meta will initially focus on serving its existing base of advertisers by offering AI agents that work across messaging apps, allowing businesses to interact with customers through an AI interface. The commercial model mirrors the ad business: "just like the ad system, effectively, we will get paid when we deliver results for those businesses." He described the enterprise push as "an extension of the sales and the partnerships that we have with many millions of advertisers and hundreds of millions of small businesses that use our platforms." TechCrunch

Beyond agents, Zuckerberg said Meta is building coding, development, and internal productivity tools and sees a "large opportunity to serve" external customers with them, both small and larger businesses. He acknowledged that selling to the enterprise was a "different muscle" than Meta has historically flexed. TechCrunch

Compute monetization was a recurring theme. Meta stated multiple times on the call that it has the opportunity to sell compute at "a significant premium over what we paid for it." Zuckerberg cautioned, however, that it "would be foolish" to "sell all of the compute and take a short-term profit," describing Meta's compute approach as a "portfolio" mixing long-term and short-term plans. Meta is projected to spend as much as $145 billion on AI infrastructure in 2026, part of a broader Big Tech collective spend projected to exceed $700 billion. TechCrunch Reuters

On the consumer side, Zuckerberg said that "as we get closer to personal superintelligence, we are going to need hardware that allows you to seamlessly interact with it." Meta plans to offer "personal AI agents" and AI smart glasses alongside its enterprise offerings. TechCrunch

TechCrunch also reported that Meta is using large language models to build out social apps including a Marketplace seller app, a Facebook Groups app called Forum, and a vibe-coded gaming app called Pocket. TechCrunch

The earnings call follows a quarter in which Meta unveiled an enterprise-focused AI business agent on June 3, 2026, aimed at automating daily business operations. Reuters In early July, Zuckerberg said AI agent development was progressing slower than expected. Reuters On the infrastructure front, Meta entered an agreement with Reliance Industries to lease an AI-enabled data center in Jamnagar, Gujarat, its first data center in India. Meta Data Centers Meta is also signing the EU AI Act Code of Practice on Transparency of AI-Generated Content. Meta Investor Relations

The EPS miss against a revenue beat is worth pausing on. Revenue growth at 28% year-over-year is strong by any measure, and Zuckerberg's framing in the press release that "AI is accelerating our core business today" is consistent with the top line. But the per-share shortfall signals that the cost of that acceleration, principally infrastructure capex, is weighing on profitability faster than the new revenue streams can offset it. The $145 billion infrastructure projection for 2026 puts a fine point on this: Meta is spending at a scale that demands the enterprise monetization strategy Zuckerberg outlined to eventually generate returns well beyond advertising.

The enterprise ambition itself is notably broad. APIs, business agents, direct compute sales, coding and development tools, and internal productivity tools aimed at external customers cover a wide swath of the enterprise software stack. Meta is effectively outlining a move from a consumer-and-advertising company into an infrastructure-and-platform provider. The "different muscle" acknowledgment is candid; Meta has never operated a large enterprise sales organization, and the go-to-market motion for selling compute, APIs, and developer tools to enterprises is structurally different from selling ad inventory to small businesses through a self-serve interface.

The compute-as-a-service framing is especially striking. If Meta sells compute at a significant premium over cost, it positions itself as an alternative to hyperscaler cloud providers for at least some workloads. The "portfolio" language, balancing short-term compute sales against long-term internal needs, suggests Meta intends to manage this carefully rather than flood the market. The risk is straightforward: selling compute profitably requires not just excess capacity but the reliability, compliance posture, and enterprise support that cloud customers expect.

On the consumer hardware side, the linkage between "personal superintelligence" and smart glasses is consistent with Meta's prior investment in wearable form factors. The phrasing implies a timeline in which AI capabilities and hardware evolve in tandem, with each enabling the other. Whether the market for AI smart glasses matures fast enough to justify the infrastructure investment is an open question, but Meta is clearly making the bet that the interface to advanced AI will be wearable and ambient rather than purely screen-based.

The broader picture is a company with strong revenue momentum from its core advertising business, making a multi-pronged push to monetize AI across enterprise APIs, compute, developer tools, consumer agents, and hardware. The EPS miss underscores that this transition is expensive. Zuckerberg's candor about both the opportunity and the execution challenges, from the "different muscle" of enterprise sales to the slower-than-expected pace of agent development, gives investors a clear-eyed picture of what lies between the current quarter and the returns Meta expects.