Meta stock rises 4% as it beats earnings estimates

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Meta reported its third quarter earnings on Wednesday after the bell.

The Facebook and Instagram parent has been in the process of shoring up two key areas of interest for investors — its AI efforts, and its position in the digital advertising market, which has been in a prolonged slump and is just showing signs of a rebound.

Meta shares have risen about 140% year to date, massively outperforming both the S&P 500 and the Nasdaq Internet Index, which are up around 9% and 34% this year, respectively. "We had a good quarter for our community and business," Meta CEO Mark Zuckerberg said in a statement. "I'm proud of the work our teams have done to advance AI and mixed reality with the launch of Quest 3, Ray-Ban Meta smart glasses, and our AI studio."Meta Platforms faces lawsuits from 42 U.S. attorney generals over the addictive nature of Facebook and Instagram for teen users.

A biotech firm founded by Vivek Ramaswamy turned $15 million into $5 billion by flipping a bowel-disease treatment that Pfizer gave it for free

 

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Meta earnings preview: Will the good times keep rolling?Meta will report its third quarter earnings on Wednesday after the bell.
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