Meta Platforms Inc's shares rose 11 per cent on Thursday after the Facebook owner dazzled Wall Street with an earnings report that showed progress towards the"year of efficiency" and a return to growth, thanks to AI-powered content recommendations.
"If you want to be treated and valued like a growth stock, you need growth! And this is precisely what Meta delivered returning to growth... just as questions around a potential recession get louder," Bernstein analyst Mark Shmulik said in a note. Meta beat expectations for first-quarter profit and revenue, which rose for the first time in nearly a year, the latest sign that American tech giants were digging themselves out of a slump that has sparked tens of thousands of layoffs.
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