Meta reported $47.52 billion in revenue for its second quarter ending in June on Wednesday, a 22% year-over-year increase and higher than the $44.8 billion analysts expected. On Thursday, Meta stock reached a record high of $784.75, surpassing the previous record close of $738.09 reached on June 30.
Meta CEO Mark Zuckerberg stated on a call on Wednesday with analysts that growth in the quarter was caused by the use of Meta’s AI technology, which allowed the company to drive more advertising revenue.
Nicola Mendelsohn, head of global business group at Meta, echoed Zuckerberg’s remarks. In a LinkedIn post on Wednesday, Mendelsohn wrote that the quarter’s “strong performance was driven largely