Shares of Meta Platforms (NASDAQ:META) surged in after-hours trading after the company reported earnings for its second quarter of Fiscal Year 2023. Earnings per share came in at $2.98, which beat analysts’ consensus estimate of $2.91 per share. Revenue climbed 11% to $32 billion, beating expectations of $31.03 billion.
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Family daily active people (DAP) stood at 3.07 billion, marking a 7% rise compared to the previous year. As for Family monthly active people (MAP), the company reported a 6% yearly increase, reaching 3.88 billion. Facebook, on the other hand, saw a 5% year-on-year growth in daily active users, amounting to an average of 2.06 billion. In addition, monthly active users for Facebook also rose, hitting 3.03 billion, which is a 3% climb from the previous year. In Q2 2023, ad impressions on Meta’s Family of Apps swelled by 34% from the year before, whereas the average ad price witnessed a 16% drop year-on-year.
Looking forward, management now expects revenue for Q3 2023 to be in the range of $32 billion to $34.5 billion. For reference, analysts were expecting $31.106 billion in revenue.
Turning to Wall Street, analysts have a Strong Buy consensus rating on META stock based on 39 Buys, three Holds, and zero Sells assigned in the past three months, as indicated by the graphic above. In addition, the average price target of $326.45 per share implies 9.34% upside potential.
