https://tokenist.com/meta-up-9-premarket-after-strong-earnings-reported-with-monster-guidance/
Meta Platforms impressively exceeded expectations in Q2 2023, reporting strong earnings and revenue driven by the success of its AI-powered ad campaign. The company's stock surged 9% in premarket trading, reaching $325.53 ahead of Thursday's market opening. A robust rebound in the digital ad market and advertisers' growing confidence in Meta's AI capabilities contributed to its remarkable quarterly performance.
Looking ahead, Meta issued an optimistic revenue forecast for Q3 2023, anticipating revenues between $32 billion and $34.5 billion. Bernstein analysts described this guidance as a “monster guidance,” implying a potential year-over-year growth of at least 15%. Additionally, Meta's short-form video offering, Reels, achieved an impressive annual revenue run rate of over $10 billion in the latest quarter, demonstrating the platform's continued expansion and monetization.
Despite facing losses in its virtual world business division, Meta remains committed to its metaverse vision. CEO Mark Zuckerberg reiterated the company's dedication to investing in AI and advancing the metaverse concept, considering the two areas as overlapping and complementary. With the recent launch of Threads, a direct competitor to Twitter, which attracted over 10 million users within hours, Meta continues to showcase its adaptability and drive for innovation in the tech industry.
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