Meta Soared on Earnings. Is It a Buy?
Meta Platforms (NASDAQ: FB) finally got some redemption Wednesday afternoon (April 27). Shares of the beaten-down social media stock jumped 18% after hours, potentially signaling that the worst for the company may be behind it. Despite a double-digit pop, the results weren't as strong as one might think.
Revenue increased just 7%, the weakest performance in its history as a publicly-traded company, to $27.9 billion, missing estimates at $28.2 billion. On the bottom line, earnings per share fell from $3.30 to $2.72, but that still beat expectations at $2.56.
Guidance was also modest, with management calling for $28 billion to $30 billion in revenue in the second quarter, which implies flat to 7.5% revenue growth and was worse than expectations at $30.6 billion.
Source Fool.com
