Facebook All session shares surge after strong earnings
Facebook shares have surged after the release of its Q2 results, to have traded at a new all-time high in post-market US trade.
Meta Platforms Inc (All Sessions) Q2: key numbers
- Q2 revenue $18.69B, Est. $17.31B
- Q2 EPS $1.80, Est. $1.39
- Q2 monthly active users 2.70B, Est. 2.63B
The markets have resoundingly welcomed Facebook’s results, with the company exceeding even the high-bar analysts had set for it. The company’s strong quarter came courtesy of a significant jump in advertising revenue, which climbed by 11 per cent, to $18.69 billion. Cleary a beneficiary of the work-from-home phenomenon, Facebook identified a major jump in the use of its video and messaging services over the course of the quarter.
Facebook: technical analysis
The price action in Facebook shares continues to indicate a bullish set-up. Although its proven a grind in recent months, Facebook stock has consistently pushed to new record highs, with the companies Q2 earnings supporting another achievement of that milestone this morning. So-far, price has respected an upward sloping resistance line, that has contained the share’s ascent since May at just shy of $260. But price-momentum is showing signs of picking up again, indicating the market could be positioning for a possible break-out. Key price support exists around the $US220-mark, at the stock’s February 2020 highs.
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