Meta Platforms Inc. shares surged after the company forecast revenue that beat analysts’ estimates, showing that the social networking giant is succeeding in migrating advertisers to its new short-video format called Reels.

Revenue in the current quarter will be $32 billion to $34.5 billion, the company said in a statement. Analysts had predicted $31.2 billion. Second-quarter revenue was $32 billion, compared with analysts’ average projections for $31.1 billion.