United Kingdom, July 30 -- Meta shares fell by as much as 11 per cent after investors raised concerns over the company's escalating artificial intelligence spending and declining profits.

The Facebook and Instagram owner reported strong revenue growth for the April to June quarter, with sales rising 28 per cent year-on-year to $61 billion (£45.6 billion).

However, profits dropped 14 per cent to $6 billion, while investors questioned whether Meta's huge AI investments will deliver meaningful returns.

Meta said it expects to spend between $130 billion and $145 billion this year, mainly on AI infrastructure. That is an increase from the $125 billion spending forecast announced just three months earlier.

Chief executive Mark Zuckerbe...