Meta shares rise amid earnings forecast beat
The Facebook, Instagram, WhatsApp, and now Threads owner Meta has beaten both earnings and revenues for the second quarter. The outlook also remains solid as the company continues to raise its use of artificial intelligence.
(Video Transcript)
Meta shares
Meta's shares jumped more than 8% in extended trade on the OG platform late last night after better-than-expected earnings and revenue. The Facebook, Instagram, WhatsApp and now Threads parent company are benefiting from a strong rise in advertising sales.
Let's take a look at the figures, revenue is up 11% to $32 billion, 21 billion more than analysts’ expectations. Ad revenue was up 12% in Q2. On Tuesday, remember, Google said its ad revenue increased by just 3% during the same period. It's an out performance here for the Facebook owner.
Share price chart
Let's take a look at the share price chart because it's really been a stunning rise. This is since the beginning of the move up. We've seen a 266% rise in shares. If you take that through to the beginning of this year, when we saw the very first trades in this stock, they were up 160%. And that moves up to pretty much the close last night, where we saw a gain of as much as 8% on the session yesterday; 6.6% was the rise as of the close yesterday.
And we ended at $319.09, this stock will open again at 9:00 this morning. All sessions on the platform had good numbers yesterday.
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