Facebook parent Meta posts higher profit, revenue for Q2 as advertising rebounds

Facebook parent company Meta Platforms posted stronger-than-expected results for the second quarter on Wednesday, buoyed by a rebound in online advertising after a post-pandemic slump.

The Menlo Park, California-based company earned $7.79 billion, or $2.98 per share, in the April-June period. That's up 16% from $6.69 billion, or $2.46 per share, in the same period a year earlier.

Revenue jumped 11% to $32 billion from $28.82 billion in the year-ago quarter.

Analysts, on average, were expecting earnings of $2.91 per share on revenue of $31.08 billion, according to a poll by FactSet Research.

Facebook had 3.03 billion monthly active users as of June 30, up 3% year-over-year.

Meta's rebound followed a solid parent company Alphabet a day earlier.

Meta's stock jumped $14.45, or 4.8%, to $313.02 in after-hours trading in response to the results.