Shares of Meta Platforms Inc (NASDAQ:META) are higher this morning, after the social media giant reported adjusted second-quarter earnings of $7.14 per share on $47.52 in revenue, both of which were stronger than expected. Despite the big tech behemoth posting losses upwards of $4.5 billion through its virtual and augmented research division, Reality Labs, the company's continued investments in artificial intelligence are fueling optimism.
At last glance, META stock is up 12.48% to trade at $782.71, on track for its best single-session gain since April 9. In response, 35 brokerages have issued price-target hikes, the highest coming from Rosenblatt Securities to $1,086 from $918. The report was so good that fellow social media stocks Snap (SNAP) and Pinterest (PINS) are getting a halo lift from Meta today.
META earlier nabbed an all-time high of $784.75 out of the gate, beating the previous record from June 30 of this year. The continued climb reflects a strong year for the company, underscored by a 33.15% year-to-date gain.
In light of the company's outperformance, call volumes in META show no signs of slowing; 396,000 calls have been placed already today, which is 5 times the normal amount. The 50-day call/put volume ratio of 2.15 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) also ranks higher than 91% of readings from the past year.
Meta aims to maintain its momentum, with CEO Mark Zuckerberg highlighting the company's pursuit of "superintelligence" in its earnings statement.
