Meta's stock price soared today as the company's core businesses outperformed analysts expecations last quarter.
Meta prioritized its core business over the past few months. The firm’s stock price soared as Meta outperformed estimates, driven by Facebook and Instagram.
Still, Zuckerberg sought to counter the idea that Meta is backing away from the metaverse in spite of a $4 billion Q1 loss in its metaverse division. TD Cowen's price target was revised to $220 from $195. UBS has set a price target of $232.50 for Meta shares, the 12-month outlook is even higher at $280.
"Greater efficiency will enable Meta to invest in the 2 major tech waves of AI and the metaverse," Doug Anmuth and Katy Ansel wrote.Facebook rebranded to Meta in October 2021, while crypto prices were at all-time highs. The metaverse was closely tied to this, with a number of blockchain teams developing virtual reality capabilities.
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