Meta shares jump after strong third-quarter sales forecast

Meta Platforms topped projections for second-quarter sales and gave a stronger-than-expected forecast for the current period, a sign that the social media company’s advertising business is still growing quickly enough to support aggressive spending on artificial intelligence.

Shares jumped as much as 10 per cent in late trading. Third-quarter sales will be $US47.5 billion ($73.8 billion) to $US50.5 billion, Meta said in a statement on Wednesday (Thursday AEST), with the midpoint of that range exceeding the average analyst estimate of $US46.2 billion, according to data compiled by Bloomberg.

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Bloomberg