Meta’s revenue and profits beat expectations, company’s stock jumps 4.90%

Meta Inc. announced its second-quarter results on Wednesday, with its revenue beating analysts’ estimates, rising 22% year-on-year to $39.07 billion versus expectations of $38.34 billion, supported by higher advertising and app revenue.

The company that owns Facebook and Instagram achieved earnings per share of $5.16 per share, compared to expectations of $4.73 per share expected by LSEG, and compared to $2.98 in the same quarter last year.

Revenues amounted to $39.07 billion, which exceeded expectations of $38.31 billion. The company’s shares jumped 4.90% after the earnings report.