Meta shares pop 6% on earnings beat, rosy revenue forecast

Shares of Meta jumped Thursday after the company reported better-than-expected second-quarter earnings and offered a rosy forecast.Analysts at Baird wrote in a report that Meta's business remains strong, and that it continues to benefit from "years of AI-related investments."Revenue in the period increased 22% to $39.07 billion from $32 billion a year earlier, Meta said late Wednesday. Analysts were expecting revenue of $38.31 billion, according to LSEG.

For the third quarter, Meta expects revenue of $38.5 billion to $41 billion, or $39.75 billion at the middle of the range, topping the average analyst estimate of $39.1 billion."The ways that it's improving recommendations and helping people find better content, as well as making the advertising experiences more effective, I think there's a lot of upside there," Zuckerberg said on the earnings call. "Those are already products that are at scale.

They wrote in a report that Meta's latest progress in AI will unlock revenue opportunities from higher levels of ad conversions, new digital assistants and multimodal content creation.Bank of America analysts said in a report that they see Meta as the top AI play in consumer internet. They said there's evidence that the technology is driving strong ad growth and growing core app users, particularly with younger audiences.

Meta said capital expenditures for the year will be between $37 billion and $40 billion. The low end of the range had previously been $35 billion.

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منبع: AP - 🏆 728. / 51 ادامه مطلب »

Stock market today: Global shares tumble after a wipeout on Wall Street as Big Tech retreatsGlobal shares have dropped, with Tokyo’s benchmark losing more than 1,300 points at one point and closing 3.3% lower, as pessimism set in over Wall Street's overnight nose-dive.
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