Meta stock surges after company reports 11% rise in revenue

hl.co.uk:

We don’t support this browser anymore. This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

Newsroom

Newsroom articles are published by leading news agencies. Hargreaves Lansdown is not responsible for an article's content and its accuracy. We may not share the views of the author.

HL Podcast

HL Insight

Meta stock rallied as the company reported an 11% rise in revenue on Wednesday, beating Wall Street expectations.

Article originally published by The Guardian. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

Published by

27 Jul 2023

Revenue grew to $32bn in the quarter ending in June, compared to analysts’ average estimate of $31.12bn, marking Meta’s most profitable quarter since 2021. The news sent stocks surging by 7% in after-market trading.

The earnings report continues something of a turnaround for the Facebook parent company, after a shaky rebrand and pivot to virtual reality last year. It follows Meta has recently launched several new products and made closely watched moves on artificial intelligence.

Meta recently launched a new version of its open-source AI large language model, Llama, in partnership with Microsoft. But the company’s most high-profile launch has been Threads, its competitor to Twitter that quickly racked up more than 100m of subscribers. Analysts are expected to have questions about whether Meta has been and will be able to maintain that momentum in the face of Twitter’s own rebranding.

“The app launched with incredible success, but