Meta rallies as AI-powered ad sales drive 'monster' forecast

FILE PHOTO: Morning commute traffic streams past the Meta sign outside the headquarters of Facebook parent company Meta Platforms Inc in Mountain View, California, U.S. November 9, 2022. REUTERS/Peter DaSilva/File Photo

(Reuters) -Meta shares surged nearly 8% on Thursday as a rosy revenue forecast showed that artificial intelligence was helping the social media giant boost engagement and ad sales even in an uncertain economy.

The Facebook owner was set to add about $60 billion to its market value after strong second-quarter earnings encouraged 18 analysts to lift their target price on a stock that has already more than doubled this year.