Investors and analysts have been reacting to the latest developments surrounding Meta, the tech giant formerly known as Facebook. Market Movers has compiled the insights of industry professionals, including renowned financial commentator Jim Cramer, following Meta’s third-quarter financial report. The company revealed a remarkable 23% increase in revenue, its highest growth rate since 2021, largely attributed to the growth in digital ad spending. Initially, Meta’s stock soared in after-hours trading on Wednesday. However, the gains were short-lived as the company’s management cautioned about a potential weakness in fourth-quarter ad revenues due to the unpredictability caused by the Israel-Hamas conflict. As a result, Meta’s stock closed the trading session down 3.7%. It is worth noting that Meta is included in Cramer’s Charitable Trust portfolio, indicating his continued confidence in the company’s long-term prospects.
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