Meta Stock Surges After Facebook Owner Blows Past Earnings Forecasts

Late Wednesday, Meta (META) stock jumped after the Facebook parent reported earnings of $2.20 per share on $28.65 billion in first-quarter sales.

X

On average, analysts polled by FactSet expected Meta to earn $2.02 per share on $27.67 billion in sales.

In the year-earlier period, Meta earnings were $2.72 a share and the social media behemoth reported $27.91 billion in sales.

For the second quarter, Meta guided to $29.5 billion to $32 billion in sales. Analysts projected $29.45 billion in sales.

In after-hours trading on the stock market today, Meta stock surged 9.6% near 229.50. Shares recently broke out of a flat base with a buy point at 197.26, according to MarketSmith.com.

Meta shares also have a strong Relative Strength Rating of 96 out of a best-possible 99. This puts them in the top 4% of all stocks when it comes to 12-month performance, according to IBD Digital.

More to follow.

Follow Allison Gatlin on Twitter at @IBD_AGatlin.

YOU MAY ALSO LIKE:

Alzheimer’s Drugs Still Aren’t Biogen’s Saving Grace — But The Company Is Hopeful

Novartis Stock Hits Record High On A Trio Of First-Quarter Drivers

Get Full Access To IBD Stock Lists And Ratings

Looking For The Next Apple Or Amazon? Start With These S&P 500-Beating Lists

Find Today’s Best Growth Stocks To Watch With IBD 50