Meta Claws Back to Pre-Crash Levels on Strong Results
- Reels, Meta’s TikTok rival, draws attention to its networks
- Spending on virtual reality, artificial intelligence increases
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Meta Platforms Inc. shares are clawing their way back to levels last seen about a year-and-a-half ago after the social media company reported strong results for the second quarter and gave an optimistic outlook for the current period.
Having already more than doubled this year, Meta’s stock jumped as much as 9% to $325.35 as the market opened in New York. Wall Street punished the company in February 2022 for missing revenue estimates and reporting its user base had stopped growing, but now is cheering results that indicate costs are under control and advertising revenue and subscriber growth were better than expected.