Facebook is trading at all-time highs ahead of Wednesday's earnings
AP Photo/Noah Berger
- Facebook reports earnings on Wednesday.
- Shares hit an all-time high of $180.68 ahead of the report.
- Check out the live stock price of Facebook here.
Facebook is trading at all-time highs, up 1.28% at $180.68, ahead of the company's earnings report on Wednesday.
Wall Street is the social media giant to earn an adjusted $1.41 per share on revenue of $9.842 billion, according to data from Bloomberg.
Of the 47 analysts surveyed by Bloomberg, 43 rate the company a "buy" and just two rate it a "sell."
"Based on intra-quarter data points, channel checks, and our model sensitivity work, we view current Street September quarter estimates as reasonable, with upwards variance modestly more likely than downwards variance," Mark Mahaney of RBC Capital Markets said in a note to clients.
Mahaney says that last week's strong results from other tech companies set Facebook up to come in ahead of expectations.
Last week, Microsoft, Amazon, Alphabet and Intel all reported earnings that exceeded Wall Street's expectations. The Nasdaq 100 had its biggest gain in two years on Friday as entire tech sector saw a boost after the earnings beats.
Facebook has gained 53% this year.
Read more about last week's tech earnings reports.
- I spent 2 weeks in India. A highlight was visiting a small mountain town so beautiful it didn't seem real.
- I quit McKinsey after 1.5 years. I was making over $200k but my mental health was shattered.
- Some Tesla factory workers realized they were laid off when security scanned their badges and sent them back on shuttles, sources say
- World Liver Day 2024: 10 Foods that are necessary for a healthy liver
- Essential tips for effortlessly renewing your bike insurance policy in 2024
- Indian Railways to break record with 9,111 trips to meet travel demand this summer, nearly 3,000 more than in 2023
- India's exports to China, UAE, Russia, Singapore rose in 2023-24
- A case for investing in Government securities