Meta Platforms Inc is a Wall Street darling again.
The company's shares continued their winning streak on Thursday, surging nearly 14% after Meta's focus on AI and cost-cutting cheered investors whose enthusiasm has already helped the social media behemoth nearly double in value this year.Meta is set to add around US$75 billion to its market valuation and overtake Nvidia Corp as the best-performing stock in the S&P 500 index on a year-to-date basis, if gains hold.
"If you want to be treated and valued like a growth stock, you need growth! And this is precisely what Meta delivered returning to growth ... just as questions around a potential recession get louder," Bernstein analyst Mark Shmulik said in a note. Meta beat expectations for first-quarter profit and revenue, which rose for the first time in nearly a year, the latest sign that American tech giants were digging themselves out of a slump that has sparked tens of thousands of layoffs.
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