Investing.com -- Meta Platforms reported Wednesday better-than-expected guidance after the social media giant's second-quarter results that topped Wall Street expectations, driven by a jump in advertising revenue.
Meta Platforms (NASDAQ:META) rose more than 5% in after-market trade following the report.
Facebook reported adjusted EPS $2.98 on revenue of $32 billion. Analysts polled by Investing.com anticipated EPS of $2.91 on revenue of $31.08B.
The better-than-expected results come as the company continued to make progress on its ‘year of efficiency’ pledge in 2022 and advertising revenue grew.
Advertising revenue rose 12% to $31.50B year-on-year in Q2 from the prior-year earlier.
Facebook daily active users, or DAUs, rose 5% to 2.06B, while monthly active people, or MAUs, rose 3% to 3.03B.
Looking ahead, the company said it expects third quarter revenue to be in the range of $32B to 34.5B, beating estimates for $31.2B.