Shares of Meta Platforms (NASDAQ: META) were up 7% as of 10:42 a.m. ET on Thursday after reporting better-than-expected financial results in the second quarter. Revenue accelerated to 11% year over year, and management's guidance points to more growth in the next quarter.  

The social media leader has completed an impressive turnaround in under a year, which has sent the stock up 164% in 2023. Better user monetization and higher user engagement, especially in the company's new Threads platform, are boosting sentiment in the stock.

The annual revenue run rate in Reels is now over $10 billion, over triple the size from late 2022. Artificial intelligence (AI)-recommended content also drove a 7% increase in time spent on Facebook, which is great for advertising revenue.

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Source Fool.com