Facebook parent Meta predicts strong quarterly revenue fuelled by digital ad growth, shares rally
After surpassing the market expectations, Facebook owner, Meta Platforms witnessed an 11% rise in its revenue to $32 billion in the second quarter. The company has predicted an upbeat third-quarter revenue above market expectations.
The company's revenues are fuelled by its increasing ad revenues. After the release of quarterly results, Meta shares were on fire, and were up by 4% in after-hours of trading on Wednesday.
The company expects July-September revenue in the range of $32 billion to $34.5 billion, compared with analysts' average estimate of $31.30 billion, according to Refinitiv data. "We continue to see strong engagement across our apps and we have the most exciting roadmap I've seen in a while with Llama 2, Threads, Reels, new AI products in the pipeline, and the launch of Quest 3 this fall," Meta Chief Executive Mark Zuckerberg said.
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