Fresh off a quarter that wasn’t as catastrophic as some analysts feared, Facebook parent company Meta Platforms Inc.’s stock ended Thursday with its largest percentage increase since July 25, 2013, when it rose 29.6%, according to Dow Jones Market Data.
Shares of Meta
closed up 17.6% Thursday after the company on Wednesday announced earnings that beat expectations and a bump in daily active users despite its slowest revenue growth in a decade and weak second-quarter sales guidance.
Thursday’s gain was Meta’s third-largest single-day percentage gain since it went public in May 2012, according to Dow Jones Market Data.
Meta’s revenue status was a cautionary blemish amid a maelstrom of obstacles — inflation, supply-chain constraints, the war in Ukraine, and an onerous new mobile privacy change from Apple Inc.
— that have punished financial results from Google parent Alphabet Inc.
Analysts had expected Meta to fare even worse because the company’s revenue comes almost entirely from advertising, which is experiencing a rough patch.