Meta Platforms (META) is on the run.
All after beating on the top and bottom lines. EPS came in at $4.39, as compared to expectations for $3.63. Revenue of $34.15 billion beat estimates for $33.56 billion. Better, daily active users (DAUs) jumped to 2.09 billion as compared to estimates for 2.07 billion. Monthly active users (MAUs) jumped to 3.05 billion, which met expectations. And the average revenue per user was up to $11.23, as compared to estimates for $11.05.
Not too shabby.
Moving forward, Meta expects to see Q4 revenue of $36.5 billion to $40 billion. Analysts were expecting $38.85 billion.
According to CNBC, “A big part of Meta’s reacceleration appears to be because it is furthest along in terms of improving the effectiveness of its online ads following Apple’s iOS privacy changes in 2021, which made it hard for app developers to target users. Meta has pointed to its hefty investments in artificial intelligence as a key technology that has helped it land retailers looking to serve customers targeted promotions.”
Plus, as noted by Mark Zuckerberg, “In terms of investment priorities, AI will be our biggest investment area in 2024, broth in engineering and computer resources.”
Meta last traded at $307.50 in after-hours, up about $8 a share.