Why Meta Platforms Stock Charged Sharply on Thursday
Shares of Meta Platforms (NASDAQ: FB) surged on Thursday, adding as much as 19%. As of 12:36 p.m. ET, the stock was still up 16.5%.
The catalyst that drove the social media specialist higher was a first-quarter earnings report that exceeded expectations on some measures, helping allay investor fears that its growth had peaked.
Meta Platforms, the company formerly known as Facebook, reported revenue of $27.9 billion, up 7%. Unfortunately, costs and expenses rose 31%, eating into the company's profits. Meta Platforms generated net income of $7.5 billion, resulting in earnings per share (EPS) of $2.72, which declined 18%.
Source Fool.com
