Shares of Meta Platforms Inc rose 17% in a relief rally on Thursday after having lost nearly half their value this year, as the social media giant surprised Wall Street with a better-than-expected rise in users joining the platform.
A Facebook logo is displayed on a smartphone in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/Illustration/File Photorose 17% in a relief rally on Thursday after having lost nearly half their value this year, as the social media giant surprised Wall Street with a better-than-expected rise in users joining the platform.
"Investors seem to be clamoring for good news and Meta's results coming within touching distance of expectations scratched that itch," said Laura Hoy, equity analyst at Hargreaves Lansdown.Analysts appeared mixed in their views on the results. At least five brokerages cut their price targets on the stock, while three raised their expectations.
Facebook's daily active users , a key metric for advertisers, came in at 1.96 billion, slightly higher than the estimate of 1.95 billion.
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