Meta Platforms (NASDAQ:META) Trading Up 1.1% - Here's What Happened

Meta Platforms Trading Up

On Thursday, Meta Platforms (NASDAQ: META) shares rose 1.1% to $168.39 after the company reported better-than-expected earnings for the third quarter.

The social media giant reported earnings per share of $2.77 on revenue of $28.8 billion, both ahead of analysts' estimates.

The company's advertising revenue also rose 10% to $27.2 billion, despite concerns about the impact of the economic downturn on ad spending.

Facebook MAU

Meta Platforms CEO Mark Zuckerberg said the company's growth was driven by the continued growth of its Facebook app, which now has 2.99 billion monthly active users (MAUs).

He added that the company is also making progress on its plans to build the metaverse, a virtual reality world where people can interact with each other and with digital objects.

Analysts Optimistic

Analysts were mostly positive on Meta Platforms' earnings report. J.P. Morgan analyst Doug Anmuth maintained an Overweight rating on the stock with a price target of $230, saying the company's "revenue and EPS beat consensus estimates and were driven by strength in ad revenue."

Goldman Sachs analyst Heath Terry also maintained a Buy rating on the stock with a price target of $200, saying the company's "results were solid overall and the company is making progress on its metaverse ambitions."

What's Next for Meta Platforms?

Meta Platforms is facing a number of challenges, including increased competition from TikTok and other social media apps, as well as regulatory scrutiny from governments around the world.

However, the company's strong financial performance and its plans for the metaverse suggest that it is well-positioned for the future.