Meta Platforms Stock Soars on AI-Driven Earnings Beat
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Meta Platforms (META) shares surged 12.2% Thursday afternoon, dramatically outpacing the flat broader market. The rally follows a second-quarter earnings report that demolished Wall Street expectations, with revenue hitting $47.5 billion—a 22% year-over-year jump—and EPS soaring 38% to $7.14.
The social media giant's advertising business showed remarkable strength, fueled by 6% growth in daily active users and AI-driven efficiency gains. "AI is unlocking greater efficiency across our ad system," CEO Mark Zuckerberg declared, underscoring the company's $31 billion AI investment in just the first half of 2024. CFO Susan Li signaled even heavier spending ahead, with planned investment increases through 2026.
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