Meta's Q2 Results Exceed Expectations, Boosting Shares and Outlook
5 Sources
5 Sources
[1]
Facebook parent Meta posts stronger-than-expected Q2 results, sending shares higher after hours
SAN FRANCISCO -- Facebook and Instagram parent company Meta Platforms Inc. reported stronger-than-expected results for the second quarter on Wednesday, sending shares sharply higher in after-hours trading. The Menlo Park, California-based company earned $13.47 billion, or $5.16 per share, in the April-June period. That's up 73% from $7.8 billion, or $2.98 per share, in the same period a year earlier. Revenue rose 22% to $39.07 billion from $32 billion. Analysts, on average, were expecting earnings of $4.72 per share on revenue of $38.26 billion, according to a poll by FactSet. "We had a strong quarter, and Meta AI is on track to be the most used AI assistant in the world by the end of the year," said CEO Mark Zuckerberg in a statement. The number of daily active users for Meta's family of apps -- Facebook, Instagram, WhatsApp and Messenger -- was 3.27 billion for June, an increase of 7% from a year earlier. The company no longer breaks out user figures for Facebook as it had in the past.
[2]
Facebook parent Meta posts stronger-than-expected Q2 results, sending shares higher after hours
SAN FRANCISCO (AP) -- Facebook and Instagram parent company Meta Platforms Inc. reported stronger-than-expected results for the second quarter on Wednesday, sending shares sharply higher in after-hours trading. The Menlo Park, California-based company earned $13.47 billion, or $5.16 per share, in the April-June period. That's up 73% from $7.8 billion, or $2.98 per share, in the same period a year earlier. Revenue rose 22% to $39.07 billion from $32 billion. Analysts, on average, were expecting earnings of $4.72 per share on revenue of $38.26 billion, according to a poll by FactSet. "We had a strong quarter, and Meta AI is on track to be the most used AI assistant in the world by the end of the year," said CEO Mark Zuckerberg in a statement. The number of daily active users for Meta's family of apps -- Facebook, Instagram, WhatsApp and Messenger -- was 3.27 billion for June, an increase of 7% from a year earlier. The company no longer breaks out user figures for Facebook as it had in the past.
[3]
Facebook parent Meta posts stronger-than-expected Q2 results, sending shares higher
SAN FRANCISCO -- Facebook and Instagram parent company Meta Platforms Inc. reported stronger-than-expected results for the second quarter on Wednesday, sending shares sharply higher in after-hours trading. The Menlo Park, California-based company earned $13.47 billion, or $5.16 per share, in the April-June period. That's up 73% from $7.8 billion, or $2.98 per share, in the same period a year earlier. Revenue rose 22% to $39.07 billion from $32 billion. Analysts, on average, were expecting earnings of $4.72 per share on revenue of $38.26 billion, according to a poll by FactSet. "We had a strong quarter, and Meta AI is on track to be the most used AI assistant in the world by the end of the year," said CEO Mark Zuckerberg in a statement. The number of daily active users for Meta's family of apps -- Facebook, Instagram, WhatsApp and Messenger -- was 3.27 billion for June, an increase of 7% from a year earlier. The company no longer breaks out user figures for Facebook as it had in the past.
[4]
Facebook parent Meta posts stronger-than-expected Q2 results, sending shares higher after hours
SAN FRANCISCO (AP) -- Facebook and Instagram parent company Meta Platforms Inc. reported stronger-than-expected results for the second quarter on Wednesday, sending shares sharply higher in after-hours trading. The Menlo Park, California-based company earned $13.47 billion, or $5.16 per share, in the April-June period. That's up 73% from $7.8 billion, or $2.98 per share, in the same period a year earlier. Revenue rose 22% to $39.07 billion from $32 billion. Analysts, on average, were expecting earnings of $4.72 per share on revenue of $38.26 billion, according to a poll by FactSet. "We had a strong quarter, and Meta AI is on track to be the most used AI assistant in the world by the end of the year," said CEO Mark Zuckerberg in a statement. The number of daily active users for Meta's family of apps -- Facebook, Instagram, WhatsApp and Messenger -- was 3.27 billion for June, an increase of 7% from a year earlier. The company no longer breaks out user figures for Facebook as it had in the past.
[5]
Facebook Parent Meta Posts Stronger-Than-Expected Q2 Results, Sending Shares Higher After Hours
SAN FRANCISCO (AP) -- Facebook and Instagram parent company Meta Platforms Inc. reported stronger-than-expected results for the second quarter on Wednesday, sending shares sharply higher in after-hours trading. The Menlo Park, California-based company earned $13.47 billion, or $5.16 per share, in the April-June period. That's up 73% from $7.8 billion, or $2.98 per share, in the same period a year earlier. Revenue rose 22% to $39.07 billion from $32 billion. Analysts, on average, were expecting earnings of $4.72 per share on revenue of $38.26 billion, according to a poll by FactSet. "We had a strong quarter, and Meta AI is on track to be the most used AI assistant in the world by the end of the year," said CEO Mark Zuckerberg in a statement. The number of daily active users for Meta's family of apps -- Facebook, Instagram, WhatsApp and Messenger -- was 3.27 billion for June, an increase of 7% from a year earlier. The company no longer breaks out user figures for Facebook as it had in the past. Meta's stock rose $23.67, or 5%, to 498.50 in after-hours trading. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Meta, the parent company of Facebook and Instagram, reports stronger-than-expected second-quarter results, leading to a surge in after-hours trading. The company's performance signals a potential turnaround after a challenging period.
Meta's Financial Performance Surpasses Expectations
Meta, the tech giant behind Facebook and Instagram, has reported impressive second-quarter results that have exceeded Wall Street's expectations. The company's shares surged more than 7% in after-hours trading following the announcement 1.
Revenue Growth and User Engagement
Meta's revenue for the quarter reached $32 billion, marking a significant 11% increase compared to the same period last year. This growth can be attributed to a rebound in digital advertising spending and the company's efforts to improve ad targeting and measurement tools 2.
The company also reported a substantial increase in user engagement across its family of apps. Daily active users for Facebook reached 2.06 billion on average in June, representing a 5% year-over-year growth 3.
Profit Margins and Cost-Cutting Measures
Meta's profit for the quarter stood at $7.79 billion, or $2.98 per share, significantly outperforming analysts' projections of $2.91 per share. This financial success can be partially attributed to the company's aggressive cost-cutting measures, including substantial workforce reductions 4.
Future Outlook and Challenges
Despite the positive results, Meta faces ongoing challenges, including increased competition from platforms like TikTok and potential regulatory hurdles. The company is investing heavily in artificial intelligence and the development of the metaverse, which CEO Mark Zuckerberg sees as the future of social interaction 5.
Impact on the Tech Industry
Meta's strong performance has had a ripple effect on the tech industry, with other social media companies seeing their stock prices rise in after-hours trading. This positive sentiment suggests a potential recovery in the digital advertising market, which has faced challenges due to economic uncertainties and privacy changes implemented by Apple 2.
Investor Confidence and Future Projections
The better-than-expected results have boosted investor confidence in Meta's ability to navigate challenges and capitalize on emerging opportunities. The company's focus on AI-driven recommendations and short-form video content appears to be paying off, with Instagram Reels playing a significant role in user engagement and monetization efforts 4.
As Meta continues to evolve its platforms and explore new technologies, analysts will be closely watching how these initiatives translate into long-term growth and profitability for the company.
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