Revenue at Facebook's parent shrank for three straight quarters before increasing slightly in the latest period, but the stock is soaring.
Even with the hot start to the year, Meta shares are still about 37% below their record high from September 2021. They lost two-thirds of their value, as the company reckoned with by far its toughest stretch since its IPO a decade earlier.
The company continues pushing its TikTok-like Reels short-form video service, and finance chief Susan Lianalysts on Wednesday's earnings call that the offering is "on track to becoming neutral to revenue by end of year, early next year." Analysts at Mizuho Securities pointed to improved ad pricing as a significant catalyst for Meta, driven by Reels and messaging.
Piper Sandler analysts, who also have a buy rating on the stock, said Meta is in a favorable revenue position for the rest of the year. They noted that "user growth remains strong" and said the business can keep expanding even with lower headcount.
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