Meta Platforms Inc. META shares are trading higher in Tuesday’s after-hours session after Alphabet Inc. GOOG reported second-quarter financial results that were better than feared.
Alphabet said second-quarter revenue jumped 13% year-over-year to $69.98 billion, which missed the estimate of $70.35 billion, according to data from Benzinga Pro. The company reported quarterly earnings of $1.21 per share, which missed the estimate of $1.31 per share.
“In the second quarter our performance was driven by Search and Cloud. The investments we’ve made over the years in AI and computing are helping to make our services particularly valuable for consumers, and highly effective for businesses of all sizes,” said Sundar Pichai, CEO of Alphabet.
Related Link: Alphabet Q2 Earnings Highlights: Revenue Miss, EPS Miss, Search And Cloud Segments Show Growth
Digital advertising names, including Alphabet and Meta, traded lower with Snap Inc. SNAP last week after the company reported worse-than-expected results and held back guidance, citing uncertainties related to the operating environment. Alphabet generates a majority of its revenue from Google ads.
Meta is scheduled to announce its second-quarter financial results after the market closes on July 27.
META Price Action: Meta has traded between $384.33 and $154.25 over a 52-week period.
The stock was up 2.54% in after hours at $163.20 at press time.
Photo: Gerd Altmann from Pixabay.