META Analysis: Shares Soar 11% After Strong Report

Yesterday, after the close of the main session on the stock exchange, a report on the activities of the social giant META (Facebook) was published, which turned out to be stronger than Wall Street's expectations.

→ Revenue reached USD 28.7 billion (+2.6% yoy), a historic record.

→ A new record in the range of USD 29.5-32.0 billion is predicted for the second quarter

→ Earnings per share was USD 2.20 (expected USD 2.01).

→ The share of daily active network users increased by 4% year-on-year.

AI-driven improvements could lead to more sustainable multi-year revenue growth, according to Morgan Stanley analysts.

Investors also assessed the measures being taken to reduce the staff by 10,000, and during the additional trading session, the price of META shares exceeded USD 233 per share — it is in the region of this level that we should expect the opening of the main session today.

The chart shows that the price of META is rising towards two important resistance levels:

1→ USD 245 level, it had an impact on the price earlier;

2→ 50% level of decline from historical highs to November 2022 low.

Therefore, when estimating a long entry for META shares based on strong fundamental data, it makes sense to wait for a more attractive moment from the point of view of technical analysis.

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