Benzinga - by Zaheer Anwari, Benzinga Contributor.
- Meta surpassed earnings expectations in the third quarter of 2023, reporting a revenue of $34.15 billion and an earnings per share of $4.39.
- Despite these positive earnings, Meta's stock experienced a downturn, closing down 4.17% for the day.
- Over the year, Meta's stock has seen a substantial increase of 144%.
These exceptional results have exceeded Wall Street's expectations for the third quarter of 2023.
Despite positive earnings, Meta's stock experienced a significant move to the downside. The stock opened at the start of the market with a 0.78% decrease and closed the day 4.17% down.
This highlights the reality that positive earnings do not always translate to a favorable response in the stock market.
Despite facing a daily setback, it is worth noting that Meta's stock has shown a significant rise over the course of the year, with an impressive increase of 144%. However, there has been a slight decline of 0.35% in October.
Meta's stock price is currently hovering around $300, which is a significant psychological support level. If this level remains intact, it could serve as a springboard for the stock price to move higher.
However, achieving this will require a strong momentum that can push the stock through the major resistance at $343, which represents the highest point reached in 2022.
Meta's forecast for the fourth quarter shows promising revenue growth, indicating that the company is regaining stability after a period of turbulence.
With significant changes, such as a workforce reduction of over 20,000 jobs, Meta's restructuring and realignment efforts are paying off, setting the stage for a more prosperous future.
After the closing bell on Wednesday, October 25, the stock closed at $299.53, trading down by 4.17%.
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