Meta shares jump 7% amid strong financial results

Meta shares jump 7% amid strong financial results

Revenue increases 11%, net income rises 16% year-on-year

By Ovunc Kutlu

ISTANBUL (AA) - Facebook's parent firm Meta saw its shares jump more than 7% on Thursday, a day after the tech company posted strong quarterly financial results.

Meta stocks were trading at $320.59 per share at 10.50 a.m. EDT for a daily gain of 7.4% after they closed the previous day at $298.57 a share.

They were at $325.35 per share shortly after opening bell on the Nasdaq for an increase of approximately 9%.

Meta saw its revenue climbing to almost $32 billion for the three months ending June 30, which was an 11% increase from $28.8 billion the same period of last year, according to its financial results statement released late Wednesday.

Net income increased 16% to approximately $7.8 billion, from $6.7 billion, during the same period.

"We continue to see strong engagement across our apps and we have the most exciting roadmap I've seen in a while with Llama 2, Threads, Reels, new AI products in the pipeline, and the launch of Quest 3 this fall," Meta Founder and CEO Mark Zuckerberg said in the statement.

Meta said it expects third quarter total revenue to be in the range of $32 billion - $34.5 billion.

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