Meta’s Growth Rebounds, With Caveats

Meta Platforms (formerly Facebook) reported 11% growth in revenue for the second quarter, outperforming Google in ad growth.
The company projected third quarter growth of up to 24.5%, which would be the first time since late 2021 that Meta has achieved 20% or more growth.
Meta's stock rose as much as 8% in after-hours trading, reaching its highest point since February 2022.
However, the improvement in Meta's business is partly due to diminished foreign exchange pressures, which weighed on revenues last year.
The third quarter projection assumes that the dollar will add three percentage points to reported growth.