Meta beats expectations, stock surges in after-hours trading

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Meta beats expectations, stock surges in after-hours trading
Photo: Nic Coury/AP/TT

Facebook's parent company Meta beat expectations in its quarterly report, and its stock is surging in after-hours trading on the New York Stock Exchange.

Earnings per share came in at $8.88 during the quarter, compared with the $8.23 analysts expected on average, according to research firm LSEG, CNBC reports.

Revenue was $59.89 billion, compared to the expected $58.59 billion, according to LSEG.

Sales for the fourth quarter rose 24 percent compared with the same period last year.

The company's forecast for sales during the first quarter of this year looks set to be between $53.5 billion and $56.5 billion, compared with analysts' forecast of $51.41 billion, writes CNBC.

An hour after the report was released, Meta's stock had risen just over 9 percent in after-hours trading on the New York Stock Exchange.

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