Meta's $34.15 Billion Q3 Revenue Shines Surpassing Expectations, Yet Stock Slides 4%

• 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%.

Meta Platforms Inc META outperformed earnings expectations, exceeding the estimated earnings per share of $3.63 with an impressive actual figure of $4.39, reporting a third-quarter revenue of $34.15 billion.

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%.