Meta's Q2 Success: Zuckerberg's Leadership Praised as AI Investments Pay Off

Mark Zuckerberg's Leadership Gets Praise By Gary Black After Meta's Strong Q2 Performance, Tesla Bull Hails Facebook Founder's 'Drive, Focus, And Ability To Execute' - Meta Platforms (NASDAQ:META)

Future Fund managing partner Gary Black has commended Meta Platforms Inc META for its strong second-quarter performance and the leadership of CEO Mark Zuckerberg. This praise comes as the company's stock significantly surged after-hours trading. What Happened: Black, who is also known for his bullish stance on Tesla Inc. lauded the Meta CEO, stating, "Say what you want about Zuck: You have to admire his drive, focus, and ability to execute," and praised the company's impressive financials in a series of posts on X. He noted that Meta's stock had seen a 41% year-to-date increase and a 220% rise over the past two years, including an over 7% gain in after-hours trading. Black pointed out that Meta had outperformed across all second-quarter metrics, with a 22% year-over-year increase in revenue, surpassing the estimated 20% year-over-year. He anticipated analysts would raise their FY'24 Meta estimates by approximately 5% following this performance. Despite a 34% year-to-date increase, Meta's 2024 P/E ratio remains reasonable at 23x, considering the expected revenue growth of 14% (1.6x PEG). See Also: NVDA, MSFT, CRWD, SOFI, TSLA: Top 5 Trending Stocks Today Why It Matters: Meta's second-quarter performance has been impressive, with the company beating analyst estimates on both revenue and EPS. This marks the sixth consecutive quarter of surpassing expectations. The company reported a revenue of $39.07 billion, surpassing the estimated $38.31 billion, and an adjusted EPS of $5.16, beating the estimated $4.73. Despite this strong financial performance, Meta has faced criticism for allegedly profiting from ads promoting illegal drugs on its platforms. The company has also been under scrutiny for its AI assistant's false denial of an attempted assassination on former President Donald Trump, which Meta attributed to "hallucinations," a common issue in generative AI systems. However, Meta has been working to integrate AI into its consumer products, as seen in the recent introduction of AI Studio, a feature that allows users to create custom AI chatbots for their profiles. This move is part of Meta's efforts to attract creators and integrate AI into its products. Price Action: Meta shares surged by 7.17% in after-hours trading, reaching $508.87 at the time of writing. The regular session on Wednesday concluded with a 2.51% increase, closing at $474.83, according to Benzinga Pro. Read Next: If You Invested $1000 in Bitcoin When Trump Said Its Value Is 'Based On Thin Air,' Here's How Much It'd Be Worth When He Said 'Never Sell Your BTC' Image via Threads This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote Market News and Data brought to you by Benzinga APIs

Mark Zuckerberg Takes A Veiled Swipe At Elon Musk? Meta CEO Says He Is Pleased With The Progress Facebook Is Making With Young Adults Despite The 'Public Narrative' - Meta Platforms (NASDAQ:META)

Meta Platforms, Inc. META CEO Mark Zuckerberg has expressed satisfaction with the company's social media platform, and Facebook's progress among young adults, contradicting the prevailing public narrative. What Happened: On Wednesday, during Meta's second-quarter earnings call, Zuckerberg highlighted the growth of Meta's user base, which now exceeds 3.2 billion daily users across its apps. He spoke about the company's success in the U.S., with WhatsApp reaching over 100 million monthly active users and year-over-year growth across Facebook, Instagram, and Threads. See Also: Elon Musk Blocked 'Vampires' Fame James Woods For Slamming His Blocking Ban, Now The Actor Can't Stop Singing Praises Of The X Owner: 'He Is A Champion Of Free Speech' "I'm particularly pleased with the progress that we're making with young adults on Facebook. The numbers we are seeing, especially in the U.S., really go against the public narrative around who's using the app," Zuckerberg said. Meta's CFO Susan Li also noted the company's healthy growth in young adult app usage in the U.S. and Canada. She pointed out that features like Groups and Marketplace have gained particular traction with this demographic. "Building products with young adults in mind has been a core priority area for the Facebook team in recent years, and we've been very encouraged to see these efforts translate into engagement growth with this cohort," she stated. Subscribe to the Benzinga Tech Trends newsletter to get all the latest tech developments delivered to your inbox. Why It Matters: Meta reported revenue of $39.07 billion, surpassing analyst estimates of $38.31 billion in the second quarter. This marked the sixth consecutive quarter where Meta beat analyst estimates on the top and bottom lines. Earlier in the year, Tesla CEO Elon Musk had mocked Meta's advertising system, likening sharing a Facebook link to using an AOL email address. This was in response to reports about advertisers complaining about glitches on Meta's platform. Musk's criticism of Facebook began long before he acquired Twitter in 2022. He has previously voiced his disdain for Facebook and urged people to delete their accounts. However, in a surprising turn of events, Musk's company Tesla reactivated its presence on Facebook after a six-year absence in March 2024. Price Action: Meta shares jumped 7.17% in after-hours trading, reaching $508.87 at the time of writing. The regular session on Wednesday ended with a 2.51% increase, closing at $474.83, according to Benzinga Pro. Photos courtesy: Shutterstock Check out more of Benzinga's Consumer Tech coverage by following this link. Read Next: First iPhone 16 Models May Not Have Apple Intelligence Features As Cupertino Delays AI Integration For iOS 18 Overhaul: Report Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Market News and Data brought to you by Benzinga APIs