Meta Results Beat Analysts' Expectations

Company reports strong results as advertising rebounds
By Newser Editors and Wire Services
Posted Jul 26, 2023 4:52 PM CDT
Meta Results Beat Analysts' Expectations
Facebook's Meta logo sign is seen at the company headquarters in Menlo Park, California.   (AP Photo/Tony Avelar, File)

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, the AP reports. 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 more than 6% in after-hours trading in response to the results.

(More Meta stories.)

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