At its bottom last year, $META was down as much as 76%. After rising over 250% since the end of last year — the stock is now just 16% below its all-time highs.
Yesterday, Meta continued its massive ascend after reporting earnings that showed sales rising, costs under control and future growth on an upward trajectory.
Highlights from Meta’s earnings call:
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Reels product is delivering on sales growth. The product’s annualized sales has reached $10B — triple that of last year’s third-quarter $3B and rivaling TikTok’s estimated $10B in sales last year.
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AI is delivering big results for Meta. Some AI helps users save time, and other AI helps users waste time. Thanks to Meta’s AI improvements — which are powering ad and content recommendations — time spent on its platforms increased by 7%.
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Threads is still a pet project. And Meta won’t monetize it until it reaches “hundreds of millions of people.” But there’s a long way to go. Between July 7-22, daily active users on Threads fell from 49M to 12M.
Long-term: Zuck says Meta will ride “two technological waves” — AI and the metaverse (longer term).
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