Meta reports better-than-expected results and issues optimistic guidance for third quarter
Publishing timestamp: 2023-07-26 16:00:01
Summary
Meta reported double-digit revenue growth for the first time since the fourth quarter of 2021, with earnings and revenue for the second quarter beating analysts' estimates. The company's forecast for the third quarter was better than expected, leading to a 7% rise in stock price. Meta CEO Mark Zuckerberg highlighted strong engagement across the company's apps and an exciting roadmap for future products. The company's cost-saving plan resulted in about 21,000 job cuts, leading to increased efficiency. Total headcount declined by 14% year over year, with plans to spend more on payroll expenses for higher-cost technical roles.
Sentiment: POSITIVE
Keywords: earnings, breaking news: technology, mark zuckerberg, apple inc, social media, internet, breaking news: earnings, business news, technology, snap inc, meta platforms inc,
Source: https://www.cnbc.com/2023/07/26/meta-to-report-second-quarter-earnings-after-the-bell.html