Meta stock price soars 9% after Q2 earnings beat amid ad growth, Threads

📆 27/07/2023 20:32:00
📰 BusinessInsider

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Meta adds $69 billion in market value after Mark Zuckerberg sees advertising rebound and talks up Threads potential

GAAP EPS of $2.98 beat estimates by $0.07, and revenue of $32 billion topped estimates by nearly $1 billion while representing year-over-year growth of 11%. Across all of its products, Meta reported a record 3.88 billion monthly active users in the month of June, representing year-over-year growth of 6%."year of efficiency" cost cuts

Apple's iOS privacy change in 2021 made it difficult for social-media companies to track users, weighing on ad revenue. But Meta revenue has been recovering. "We have the most exciting roadmap I've seen in a while with Llama 2, Threads, Reels, new AI products in the pipeline, and the launch of Quest 3 this fall," he said.

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