Meta’s artificial intelligence spending spree appears to be paying off with investors, who sent the company’s stock soaring after hours on Wednesday following a blowout quarterly earnings report. The Menlo Park,

Meta posted a second-quarter profit that beat expectations by a wide margin, and revenue that topped forecasts for a 12th-straight quarter, as active users, ad impressions and ad prices all rose. The company also provided a revenue outlook for the current quarter that was better than forecast.

Meta Platforms is set to report second-quarter results after the market closes Wednesday, with traders expecting the stock could test record highs following the report.

Shares in the software giant rose 7.3 percent to $551 in after-hours trading as investors anticipate greater artificial intelligence offerings from the Azure cloud-computing business.