Meta Platforms exceeded market expectations for second-quarter revenue, reporting earnings of $5.16 per share on revenue of $39.07 billion. Daily active people reached 3.27 billion, with a 7% increase from the previous year.
Despite rising costs, Meta's significant revenue growth led to a 9-point increase in operating margin in Q2, reaching 38%. The company projects Q3 revenue between $38.5 billion and $41 billion, surpassing Wall Street estimates.
Analysts showed optimism post-Meta report, with Citi analysts raising the target price from $550 to $580, citing Meta's engagement, monetization gains, and margin expansion.
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