Meta earnings rise on digital ads, AI push as revenue jumps 11%

📆 26/07/2023 06:24 p. m.
📰 MarketWatch

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Facebook parent Meta 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. $META reported fiscal Q2 net income of $7.79 billion.

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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