Technology stocks have gotten hit—but not all of them equally. It’s time to take a look at Meta Platforms.
Meta has held up a bit better. The stock is down just 0.1% since earnings and has recovered more than half of its post-release loss. It’s down only 5% from its 52-week high, better than the other members of the Big Seven except Microsoft . What’s more, the stock held price support at $275 and looks to be heading higher.
This isn’t just a technical play. Meta’s business remains strong and is continuing to grow. Its third-quarter sales rose 25% to $34.1 billion, beating estimates of $33.6 billion, driven by higher-than-anticipated average revenue per user. Meta continues to further monetize its user base by increasing users’ time spent on its platforms, a great deal of which is attributable to Instagram reels.