Facebook parent Meta posts solid 1Q results, stock soars

By AP News


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Facebook parent company Meta’s first-quarter results surpassed Wall Street’s modest expectations on both profit and revenue while the monthly user base of its flagship platform inched close to 3 billion

Earns Meta

Facebook parent company Meta's first-quarter results surpassed Wall Street's modest expectations on both profit and revenue, sending its stock soaring in after-hours trading.

Meta also reported that the monthly user base of its flagship platform — Facebook — inched close to 3 billion.

Meta Platforms Inc. said Wednesday it earned $5.71 billion, or $2.20 per share, in the January-March period. That's down 19% from $7.47 billion, or $2.72 per share, a year earlier.

Revenue climbed 3% to $28.65 billion from $27.91 billion.

Analysts, on average, were expecting earnings of $2.02 per share on revenue of $27.67 billion, according to a poll by FactSet.

Meta said it has “substantially completed” layoffs it first announced in 2022. It announced a second round of layoffs in March.

“Our AI work is driving good results across our apps and business," CEO Mark Zuckerberg said in a statement. "We’re also becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver our long term vision.”

For the current quarter, Meta said it expects revenue in the range of $29.5 billion to $32 billion, above analysts' expectations of $29.45 billion.

Shares of the Menlo Park, California-based company rose more than 12% to $235.60 in after-hours trading.


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Author: AP News

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Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

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