Facebook parent Meta Platforms Inc. is raking in digital ads, as its earnings attest, and Wall Street is rewarding it. The company’s stock initially jumped 7% in after-hours trading Wednesday before cooling.
A rebound in advertising, the monetization of Reels and AI-fueled ad targeting and measurement contributed to the quarter’s performance. Meta executives forecast third-quarter revenue of $32 billion to $34.5 billion, while analysts on average were expecting $31.2 billion, according to FactSet.
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