The stock price of Meta, which owns Facebook and Instagram, after the publication of a quarterly report, is approaching the record levels at which they were before the “meta-crash” in February last year, writes Bloomberg.
In Thursday premarket trading, Meta's shares rose 8.8% to $325 a share. The day before, the company published a report for the second quarter, in which it reported receiving $ 32 billion in revenue, which is higher than analysts' forecasts ($ 31.1 billion). Meta estimates revenue for the current quarter will be $32 billion to $34.5 billion, also higher than forecast.
Meta notes that thanks to the recovery of the advertising business, the company's profit could grow by 20% this quarter, the fastest pace since 2021. The company's optimism is also boosted by the success of Reels, a short video software that competes with TikTok, which is attracting more and more users. However, to return to the record levels of 2021, the company's shares need to rise in price by another 18%, Bloomberg points out.