The owner of Facebook and Instagram last night boosted Wall Street’s expectations for its sales this summer as advertisers increase spending across its platforms and as fears of a recession recede.
Profits in the second quarter at Meta Platforms, the world’s largest social media business, beat analysts’ expectations, with Mark Zuckerberg, its founder and chief executive, saying: “We had a good quarter.” Shares in the group promptly jumped by 4.3 per cent, or $12.83, to $311.40 in out-of-hours trading in New York.
Revenue at Meta rose by 11 per cent to $32 billion in the three months to the end of June. Net income rose by 16 per cent to $7.79 billion, above a forecast of $7.45 billion compiled by FactSet.
Meta predicted total
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