Meta’s share price popped 7% in after-hours trading following a better-than-expected Q2 earnings call.
Mark Zuckerberg’s Meta Platforms lost a further $4.5 billion on its metaverse business Reality Labs in the second quarter of this year, deepening its metaverse money pit to almost $60 billion since 2019.
In a July 31 earnings call for Q2, Meta reported a higher-than-expected $49 billion in revenue, up 22% from last year and its second-largest quarter on record.
Additionally, the California-based tech giant posted $13.5 billion in profit, much of which Zuckerberg said stemmed from its advancements in AI and the growth of its apps, including Threads and WhatsApp.
