Why Meta Platforms Stock Is Rising

Meta Platforms Inc META shares are trading higher by 3.49% to $322.57 Friday morning on continued strength following the company's recent earnings report. Additionally, China Renaissance upgraded the stock from Hold to Buy and announced a $380 price target.

See Also: 5 Analysts Mixed On Meta Platforms

What Happened With Earnings?

Meta Platforms announced its second-quarter revenue of $32 billion, showing an impressive 11% year-over-year growth. The reported revenue exceeded the Street consensus estimate of $31.12 billion.

Furthermore, the company's earnings per share for the second quarter were $2.98, surpassing the Street consensus estimate of $2.91.

Regarding user engagement, Meta reported 3.07 billion family daily active people in the second quarter, demonstrating a notable 7% year-over-year increase.

Additionally, family monthly active people reached 3.88 billion, reflecting a substantial 6% year-over-year growth...Read More

According to data from Benzinga Pro, META has a 52-week high of $325.35 and a 52-week low of $88.09.