Meta Platforms (NASDAQ:META) stock is rising higher on Thursday as investors and analysts react to the company’s latest earnings report.
Let’s start with that earnings report, which offered mixed results. For example, the company’s diluted earnings per share of $1.76 came in below Wall Street’s estimate of $2.22. It also represents a 52% decrease year-over-year (YOY).
However, revenue for the quarter came in at $32.17 billion. That beat out the $31.53 billion in revenue analysts were expecting, even if it represents a 4% drop YOY.
Adding to this, founder and CEO Mark Zuckerberg was positive in the report. He says Meta will focus on efficiency in 2023. The company’s leader claims this will lead to a “stronger and more nimble organization.”
What Analysts Are Saying About META Stock
Bank of America analyst Justin Post said the following while upgrading META stock in a note obtained by CNBC:
“Meta is an investment in increasing social and mobile Internet usage, and also offers exposure to the increasing use of AI/ML technology and potential long-term Metaverse opportunity […] With the new efficiency mentality, we believe Meta is positioned strong EPS growth when advertising environment improves.”
In addition to that, several other analysts have discussed META stock following the earnings report. That includes JPMorgan, Barclays and Piper Sandler weighing in on the company.
META stock is up 20% as of Thursday morning.
Investors on the lookout for all the latest stock market news today are in luck!
We’ve got all of the most recent stock happenings traders need to know about on Thursday! Among that is what has shares of Genius Group (NYSEMKT:GNS), OncoSec Medical (NASDAQ:ONCS) and TeraWulf (NASDAQ:WULF) stock on the move. You can learn more on these matters at the links below!
More Thursday Stock Market News
- Genius Group (GNS) Stock Skyrockets 39% on NFT Plans
- Why Is OncoSec Medical (ONCS) Stock Down 25% Today?
- Why Is TeraWulf (WULF) Stock Down 34% Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.