Meta cash flow craters as Zuckerberg's AI spending spree accelerates

July 29 : Meta Platforms reported a precipitous 91 per cent drop in second-quarter free cash flow on Wednesday, underscoring the financial strain of the social media giant's costly AI buildout despite an uncertain payoff.The Facebook parent company reported free cash flow of $784 million in the second quarter ended June 30, down from $8.55 billion reported a year earlier, sending its shares down 10 per cent in extended trading.Meta's cash flow wipeout echoed Alphabet's, which last week said it was cash flow negative for the first time ever as it spent $5.9 billion in the second quarter. The rate of spending stunned even the most bullish of Wall Street investors, driving Alphabet's stock down.Meta's revenue jumped 28 per cent to $60.8 billion in the quarter, the quickest pace of growth sinc