Meta shares gain $197 billion in a single day on better-than-expected results

Meta’s stock jumped more than 11% on Thursday to a new record high, adding $197 billion to its market capitalization in a single day.

These gains came after the Facebook parent company reported significantly higher-than-expected second-quarter results. Earnings per share reached $7.14, compared to expectations of $5.92, while revenue reached $47.52 billion, compared to expectations of $44.80 billion.

The company also announced third-quarter sales of $47.5 billion to $50.5 billion, exceeding Wall Street’s estimate of $46.14 billion.