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Facebook parent Meta posts stronger-than-expected Q2 results, sending shares higher after hours

Facebook and Instagram parent company Meta Platforms Inc. reported stronger-than-expected results for the second quarter on Wednesday, sending shares sharply higher in after-hours trading Facebook parent Meta posts stronger-than-expected Q2 results, sending shares higher after hoursThe Associated PressSAN FRANCISCO SAN FRANCISCO (AP) — Facebook and Instagram parent company Meta Platforms Inc. reported stronger-than-expected results for
byOlivia Adams
1 August 2024
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Facebook parent Meta posts stronger-than-expected Q2 results, sending shares higher after hours
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Facebook and Instagram parent company Meta Platforms Inc. reported stronger-than-expected results for the second quarter on Wednesday, sending shares sharply higher in after-hours trading

Facebook parent Meta posts stronger-than-expected Q2 results, sending shares higher after hoursThe Associated PressSAN FRANCISCO

SAN FRANCISCO (AP) — Facebook and Instagram parent company Meta Platforms Inc. reported stronger-than-expected results for the second quarter on Wednesday, sending shares sharply higher in after-hours trading.

The Menlo Park, California-based company earned $13.47 billion, or $5.16 per share, in the April-June period. That’s up 73% from $7.8 billion, or $2.98 per share, in the same period a year earlier.

Revenue rose 22% to $39.07 billion from $32 billion.

Analysts, on average, were expecting earnings of $4.72 per share on revenue of $38.26 billion, according to a poll by FactSet.

“We had a strong quarter, and Meta AI is on track to be the most used AI assistant in the world by the end of the year,” said CEO Mark Zuckerberg in a statement.

The number of daily active users for Meta’s family of apps — Facebook, Instagram, WhatsApp and Messenger — was 3.27 billion for June, an increase of 7% from a year earlier. The company no longer breaks out user figures for Facebook as it had in the past.

Meta’s stock rose $23.67, or 5%, to 498.50 in after-hours trading.

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Olivia Adams
Hi, I'm Olivia Adams, a political correspondent committed to providing in-depth analysis and reporting on the political landscape. With a background in political science and years of experience covering elections, government policies, and political movements, I strive to give my readers a clear and comprehensive understanding of the issues that matter.
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