Meta shares jumped about 7% in extended trading on Wednesday after the company beat Wall Street estimates for revenue and profit and issued a better-than-expected forecast for the current period.
Here are the results:
Earnings: $5.16 a share vs. $4.73 per share expected by LSEG
Revenue: $39.07 billion vs. $38.31 billion expected by LSEG
Meta provided revenue guidance for the third quarter between the range of $38.5 billion to $41 billion. Analysts were expecting third-quarter sales guidance of $39.1 billion.
The social networking giant reported second-quarter revenue growth of 22% from $32 billion a year earlier, marking a fourth straight quarter of growth in excess of 20%.
Meta said that expenses in the second quarter was $24.2 billion, and that these expenses include the charge from Meta’s recent agreement to settle a facial recognition data lawsuit by the state of Texas for $1.4 billion.
The company reported capital expenditures of $8.47 billion for the second quarter, which was lower than the $9.51 billion that analysts estimated.
Regarding Meta’s outlook for expenses, the company said that total expenses for the year remain unchanged at $96 billion to $99 billion. Capital expenditures are up from the low range to $37 billion to $40 billion compared to $35 billion to $40 billion.
Source: https://www.cnbc.com/2024/07/31/meta-earnings-q2-2024.html
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