Meta stock heads skyward as ads rebound for Facebook and Instagram’s parent
By Barbara Ortutay—Associated Press
Facebook parent company Meta Platforms posted stronger-than-expected results for the second quarter on Wednesday, buoyed by a rebound in online advertising after a post-pandemic slump.
The Menlo Park, California-based company earned $7.79 billion, or $2.98 per share, in the April-June period. That’s up 16% from $6.69 billion, or $2.46 per share, in the same period a year earlier.
Revenue jumped 11% to $32 billion from $28.82 billion in the year-ago quarter.
Analysts, on average, were expecting earnings of $2.91 per share on revenue of $31.08 billion, according to a poll by FactSet Research.
Facebook had 3.03 billion monthly active users as of June 30, up 3% year-over-year.
Meta’s rebound followed a solid earnings report from Google parent company Alphabet a day earlier.
Meta’s stock jumped $14.45, or 4.8%, to $313.02 in after-hours trading in response to the results.
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