It reported sales of $48.4 billion and earnings of $8.02 per share, compared to the consensus estimates of $47.0 billion and $6.77, respectively.

Meta Platforms (NASDAQ:META) is gearing up for its latest quarterly readout with the social media giant slated to release Q4 earnings today

Shares of Meta Platforms (NASDAQ: META) were flying higher on Thursday. The stock gained 2% as of 12:15 p.m. ET but gained as much as 5.1% earlier in the day. The leg up comes as the S&P 500 gained 0.

KeyBanc Capital Markets sustained its Overweight rating for Meta Platforms Inc. (NASDAQ: NASDAQ:META), now trading at $676.49 with a market capitalization of $1.71 trillion, and reiterated a price target of $750.

Meta said earnings per share were up annually by 50% to $8.02, versus Wall Street’s consensus estimate of $6.76.