Why Meta Platforms Stock Was Outperforming the Market Today
Shares of Meta Platforms (NASDAQ: META) were up over 2% after the market open this morning, as the market started to price in the possibility of a better-than-expected upcoming earnings report. As of 11:32 a.m. ET on Wednesday, Meta shares were up 1.8%, ahead of the S&P 500 index's intraday loss of 0.15%.
Worries over slowing growth amid a weak advertising market have sent Meta's stock price down 60% year to date. Meta will report third-quarter results on Oct. 26. Can the social media giant to turn things around?
Social media companies have been hurt by economic uncertainty and increasing competition as more companies move ad spending online. Snap saw revenue decelerate rapidly this year and announced in August it would lay off about 20% of its full-time employees. Meta surprised investors when it reported a year-over-year decline in revenue last quarter.
Source Fool.com
