Meta beats Q2 expectations, stock jumps on better-than-anticipated Q3 outlook
Facebook parent Meta (META) reported its second quarter earnings on Wednesday, outperforming expectations and offering a better-than-expected outlook for Q3. The company says it anticipated between $47.5 billion and $50.5 billion in third quarter revenue, well ahead of the $46.2 billion Wall Street was calling for.
For Q2, Meta saw earnings per share (EPS) of $7.14 on revenue of $47.5 billion. Analysts were anticipating EPS of $5.89 on revenue of $44.83 billion, according to Bloomberg consensus estimates. The company saw EPS of $5.16 and revenue of $39.07 billion in the same period last year.
Advertising revenue came in at $46.5 billion compared to an expected $44.07 billion. The company's Reality Labs segment saw a loss of $4.5 billion versus expectations of $4.8 billion.
Last week, CEO Mark Zuckerberg announced former OpenAI (OPAI.PVT) researcher Shengjia Zhao, who helped develop the company's ChatGPT model, had been named founder and chief scientist of Meta's Superintelligence Lab.
