Meta stock surges after company reports 11% rise in revenue
by Johana Bhuiyan and agencies from Technology | The Guardian on (#6DA8T)
Revenue grew to $32bn, marking company's most profitable quarter since 2021, as news sends stocks surging by 7%
Meta stock rallied as the company reported an 11% rise in revenue on Wednesday, beating Wall Street expectations.
Revenue grew to $32bn in the quarter ending in June, compared with analysts' average estimate of $31.12bn, marking Meta's most profitable quarter since 2021 due in part to a massive growth in revenue from the company's short-form video product, Reels. The news sent stocks surging by 7% in after-market trading.
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