Meta Platforms (META) reported quarterly earnings of $3.23 per share for the period ending June 2023, exceeding the Zacks Consensus Estimate of $2.87 and increasing from $2.46 per share a year earlier. This represents an earnings surprise of 12.54%. The company also generated $32 billion in revenue, surpassing the Zacks estimate by 3.51% and up from $28.82 billion in the previous year.
In the past four quarters, Meta has exceeded earnings expectations three times and revenue estimates four times. The current consensus EPS estimate for the upcoming quarter is $2.99 on revenues of $31.34 billion, while the fiscal year estimate stands at $12.02 on $127.61 billion in revenues.
Year-to-date, Meta’s shares have increased approximately 144.7%, significantly outperforming the S&P 500’s gain of 19%. The company currently holds a Zacks Rank #2 (Buy), indicating a positive outlook for its stock performance ahead.
