Meta Platforms Inc., the parent company of Facebook and Instagram, exceeded expectations with its second-quarter results, as reported on Wednesday. The company, headquartered in Menlo Park, California, revealed earnings of $13.47 billion, or $5.16 per share, for the period from April to June. This marked a substantial increase of 73% from the $7.8 billion, or $2.98 per share, earned in the same quarter the previous year. Additionally, revenue for the quarter increased by 22% to reach $39.07 billion, up from $32 billion.
Analysts had anticipated earnings of $4.72 per share on revenue of $38.26 billion, according to a FactSet poll. CEO Mark Zuckerberg expressed satisfaction with the results, stating, “We had a strong quarter, and Meta AI is on track to be the most used AI assistant in the world by the end of the year.”
In June, the combined daily active users for Meta’s array of apps — Facebook, Instagram, WhatsApp, and Messenger — reached 3.27 billion, showcasing a 7% rise compared to the previous year. The company has ceased disclosing user numbers for Facebook individually as it had done previously.
Following the announcement, Meta’s stock surged by 5%, increasing by $23.67 to $498.50 in after-hours trading. This positive performance reflects the favorable reception to the company’s financial outcomes for the second quarter.