Meta’s first quarter earnings, revenue beat Wall Street’s expectations

Meta Platforms Inc., the parent company of Instagram and Facebook, exceeded expectations for the first quarter with strong advertising revenue on its social media platforms. The company’s stock rose in after-hours trading following the announcement. Meta Platforms reported earnings of $16.64 billion, or $6.43 per share, for the January-March period, a 35% increase from the same period last year. Revenue also saw a 16% rise to $42.31 billion compared to $36.46 billion a year ago. Analysts had anticipated earnings of $5.23 per share on revenue of $41.34 billion. For the upcoming quarter, Meta projected revenue between $42.5 billion and $45.5 billion, with analysts expecting $43.84 billion. CEO Mark Zuckerberg expressed satisfaction with the company’s performance, stating that they are progressing well with AI glasses and Meta AI, which now boasts nearly 1 billion monthly actives. Meta recently launched a new app called Meta AI, featuring a “discover” feed to showcase user interactions with AI. The company’s shares surged by 4.4% to $573.20 in after-hours trading, although the stock has experienced an 8% decline year-to-date.