Shares of Meta Platforms (NASDAQ:META) were on track for their seventh straight session of gains on Monday, as the stock rose more than 1.7% to $751.05 in afternoon trade.
The tech giant has gained 2.99% in the last six trading sessions. The stock has gained more than 28% so far this year, outperforming the broader S&P 500 Index, which has gained more than 15%.
The stock closed 0.59% higher, at $738.36 on Friday.
Meta is set to report its Q3 earnings after the market closes on Wednesday, following results from Microsoft and Alphabet. Analysts expect profits to grow roughly 10% Y/Y.
Ahead of the report, Meta is making headlines for job cuts within its superintelligence unit. According to Axios, the company will eliminate about 600 roles across its Fundamental AI Research lab (FAIR) and its product and infrastructure-focused AI teams.
In an internal memo, newly appointed AI chief Alexandr Wang said the restructuring aims to make the division “more agile,” reducing layers of decision-making to increase individual impact.
While sell-side analysts continue to rate the stock as a Strong Buy, Seeking Alpha’s Quant Rating is more cautious with a Hold, citing valuation and expense risk.
SA contributor Deep Value Investing remains positive on Meta’s setup heading into Q3, pointing to the company’s aggressive AI infrastructure buildout and recently announced capacity and financing deals.