Market Insight and Analysis. You're listening to the opening bell of CNBC, Squawk on the Street. Good Thursday morning, everybody. Welcome to Squawk on the Street. I'm David Faber. He is Jim Kramer, and we are live from post nine of the New York Stock Exchange. Carl has the morning off. You just saw futures. Take another look at them, will you? Look at that NASDAQ number. Well, David, there's a company that's on the

NASDAQ that we're going to have to discuss. Okay, I bet you that's where our roadmap starts.

The name is meta, and it was a, well, it was a monster quarter. Shares are going to be higher.

I don't use that term in a long time. A lot higher. Double-digit revenue growth for the first time since 2021. And overall, of course, you just saw what we're setting up for in terms of the market.

It's bullish momentum. This after the Fed does raise rates to the highest level in more than 22 years.

Fresh data this morning, also perhaps adding to the rally. And service now unveiling new generative AI tools.

This is after the company beat on the top and bottom lines. Its CEO will join us in a first on CNBC interview this hour.

All right, we're going to start with meta and that big earnings beat issuing optimistic sales guidance for the third quarter, showing an 11% uptick in revenue.

Here's CEO Mark Zuckerberg on the call last night. He was discussing the company's outlook during what is still the year of efficiency.

The year of efficiency was always about two different goals, becoming an even stronger technology

company and improving our financial results so we can invest aggressively in our ambitious

long-term roadmap.

Now that we've gotten through the major layoffs, the rest of 2023 will be about creating

stability for employees, removing barriers that slow us down,

introducing new AI powered tools to speed us up and so on.

All right. What do you think? Reals is fabulous. Instagram's great. I wouldn't even forget

WhatsApp is maybe worth the price of like a lot of different companies that we follow

that you can lose ten billion dollars on a on reality labs and it doesn't impact the company

shows you what a good business person is i want to put what he is he's a good business and i want

to talk more about him but i do want to stop for a moment and just consider the the amount of losses

so far that they

have amassed on reality labs. It's not 10, it's 10 billion recently. It's 38 billion dollars and

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