Meta adds $69 billion in market value after Mark Zuckerberg sees advertising rebound and talks up Threads potential

• Meta Platforms soared 9% on Thursday after the company’s second-quarter earnings beat analyst estimates.
• The stock surge added $69 billion to Meta’s market valuation as investors cheered the rebound in advertising revenue.
• Meta CEO Mark Zuckerberg also talked up the potential of its Twitter competitor, Threads.

Meta Platforms surged as much as 9% on Thursday, adding $69 billion to its market valuation after the social media company reported strong second-quarter earnings.

GAAP EPS of $2.98 beat estimates by $0.07, and revenue of $32 billion topped estimates by nearly $1 billion while representing year-over-year growth of 11%. Across all of its products, Meta reported a record 3.88 billion monthly active users in the month of June, representing year-over-year growth of 6%.