The company just crushed Wall Street's earnings expectations, fueled by AI-driven efficiency gains in its thriving ad business.

At last glance, META stock is up 12.48% to trade at $782.71, on track for its best single-session gain since April 9. In response, 35 brokerages have issued price-target hikes, the highest coming from Rosenblatt Securities to $1,

Meta posted a second-quarter profit that beat expectations by a wide margin, and revenue that topped forecasts for a 12th-straight quarter, as active users, ad impressions and ad prices all rose. The company also provided a revenue outlook for the current quarter that was better than forecast.