Meta Shares Soar 14% on Revenue Jump, Antitrust Win
thewrap.comcompany’s mass layoffs. Last year, the company posted profit of $7.47 billion, or $2.72 per share. Zack’s had the first quarter analyst forecast at $1.96 per share.Separately, a federal appeals court ruled early Thursday that New York and 47 other state attorneys general waited too long to sue Meta over its acquisitions of Instagram in 2012 and WhatsApp in 2014.
The coalition of states sued in December 2020, arguing that the company then called Facebook bought out its rivals to eliminate competition.
The US Court of Appeals for the DC Circuit found that the states “unduly delayed” in bringing the suit, upholding a lower, Bloomberg reported.Even before news of the court win broke, analysts issued a raft of positive comments about Meta’s results, including about 25 price target increases on the stock.
Citi analyst Ron Josey set one of the highest targets, $315, which means he expects the shares to rocket up more than 80% over the next year.
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