Why Meta Platforms Stock Was Surging Today
Shares of Meta Platforms (NASDAQ: META) were up 7% as of 10:42 a.m. ET on Thursday after reporting better-than-expected financial results in the second quarter. Revenue accelerated to 11% year over year, and management's guidance points to more growth in the next quarter.
The social media leader has completed an impressive turnaround in under a year, which has sent the stock up 164% in 2023. Better user monetization and higher user engagement, especially in the company's new Threads platform, are boosting sentiment in the stock.
The annual revenue run rate in Reels is now over $10 billion, over triple the size from late 2022. Artificial intelligence (AI)-recommended content also drove a 7% increase in time spent on Facebook, which is great for advertising revenue.
Source Fool.com
Meta Platforms Inc. Stock
With 11 Buy predictions and only 1 Sell predictions the community sentiment for the stock is positive.
With a target price of 645 € there is a positive potential of 25.66% for Meta Platforms Inc. compared to the current price of 513.3 €.
