{"id":41143,"date":"2023-07-27T10:10:15","date_gmt":"2023-07-27T14:10:15","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/metas-stock-jumps-after-ai-ad-momentum-drive-earnings-revenue-jump\/"},"modified":"2023-07-27T10:10:18","modified_gmt":"2023-07-27T14:10:18","slug":"metas-stock-jumps-after-ai-ad-momentum-drive-earnings-revenue-jump","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=41143","title":{"rendered":"Meta\u2019s stock jumps after AI, ad momentum drive earnings, revenue jump"},"content":{"rendered":"
\n

Facebook parent Meta Platforms Inc. is raking in digital ads, as its earnings attest, and Wall Street is rewarding it. The company\u2019s stock rose about 7% in after-hours trading Wednesday.<\/p>\n

Meta
\n META,
\n +7.85%<\/bg-quote>
\n reported fiscal second-quarter net income of $7.79 billion, or $2.98 a share, compared with net income of $6.7 billion, or $2.46 a share, in the year-ago quarter. <\/p>\n

\n

Revenue climbed 11% to $32 billion from $28.8 billion in the year-ago quarter.<\/p>\n

Analysts surveyed by FactSet had expected on average net income of $2.91 a share on revenue of $31.1billion.<\/p>\n

Also see:<\/strong> Zuck beats Musk at his own game with Meta\u2019s year of efficiency<\/p>\n

A rebound in advertising, the monetization of Instagram and Reels, and AI-fueled ad targeting and measurement contributed to the quarter\u2019s performance. Meta\u2019s better-than-expected performance comes on the heels of a similarly strong quarter from Google parent
\n GOOGL,
\n +1.96%<\/bg-quote><\/p>\n

GOOG,
\n +1.89%<\/bg-quote>
\n Alphabet Inc. and poor results from Snap Inc.
\n SNAP,
\n -1.86%<\/bg-quote>.<\/span>\n <\/p>\n

\u201cWe had a good quarter. We continue to see strong engagement across our apps and we have the most exciting roadmap I\u2019ve seen in a while with Llama 2, Threads, Reels, new AI products in the pipeline, and the launch of Quest 3 this fall,\u201d Meta Chief Executive Mark Zuckerberg said in a statement announcing the results. AI has been an increasingly dominant story line for Meta, which has quickly shifted its focus from the metaverse. Zuckerberg said AI remains the company\u2019s near-term focus, with metaverse poised to have a long-term impact. <\/p>\n

\u201cIn many ways, the two are interrelated,\u201d Zuckerberg said of AI and metaverse in a conference call with analysts. He also spotlighted the potential of Threads, a Twitter-like service that launched earlier this month with much fanfare. \u201cWhen it gets to hundreds of millions of users, we\u2019ll see how it monetizes,\u201d he said. \u201cIt is a long road ahead.\u201d<\/p>\n

Meta executives forecast third-quarter revenue of $32 billion to $34.5 billion, while analysts on average were expecting $31.2 billion, according to FactSet.<\/p>\n

Facebook had 2.06 billion daily active users, up 5% from a year ago, and the \u201cfamily\u201d of Meta apps \u2014 which includes Instagram \u2014 reported daily active users of 3.07 billion, up 7%.<\/p>\n

There were blips amid the hoopla, however. Meta says it expects 2023 total expenses will be in the range of $88 billion to $91 billion, compared to the prior range of $86 billion to $90 billion because of legal-related expenses in the second quarter. And Meta\u2019s headcount dropped 14% from a year ago to 71,469 as of June 30. Zuckerberg said Meta\u2019s austerity program will continue into 2024.<\/p>\n

Meta\u2019s stock improved 1.4% to $298.57 in the regular session. The stock has sky-rocketed 148% so far this year, while the broader S&P 500 index\u00a0
\n SPX,
\n +0.64%<\/bg-quote>
\n \u00a0has increased 19%.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Facebook parent Meta Platforms Inc. is raking in digital ads, as its earnings attest, and Wall Street is rewarding it. The company\u2019s stock rose about 7% in after-hours trading Wednesday. Meta META, +7.85% reported fiscal second-quarter net income of $7.79 billion, or $2.98 a share, compared with net income of $6.7 billion, or $2.46 a […]<\/p>\n","protected":false},"author":1,"featured_media":41144,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-41143","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nMeta\u2019s stock jumps after AI, ad momentum drive earnings, revenue jump | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Facebook parent Meta Platforms Inc. is raking in digital ads, as its earnings attest, and Wall Street is rewarding it. 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