Meta stock surges following earnings

After the social networking behemoth announced earnings that exceeded expectations, Meta’s stock is having a field day on Thursday, rising roughly 14%. The movement was sufficient to push the shares to 52-week highs, and they are now on the verge of a significant turning point.

Following strong quarterly results from Alphabet and Microsoft, the report was released, albeit only Microsoft was able to mount a respectable rally yesterday. In any case, Meta keeps awe-inspiring investors. Revenue increased 2.7% to $28.65 billion, exceeding predictions of $27.41 billion, and the company topped both top and bottom line expectations.

As a result, , some have argued about how to categorize Meta, pointing out that while the shares aren’t cheap, Meta isn’t a growth stock.

After the results report, charts do show that Meta stock is doing well. However, viewers have a clearer sense of the overall picture when they pan out to the weekly chart. For instance, the stock was able to break over the crucial $180 to $185 range earlier this year and is currently rising along with the 10-week moving average. The shares are currently surging higher, breaking through the 50% retracement at $235 and the 200-week moving average.