Meta Platforms Q1 earnings beat Wall Street forecasts, stock soar 12%
Facebook parent company Meta Platforms Inc.on Wednesday reported first quarter earnings better than Wall Street’s expectations.
The monthly user base of Facebook inched close to 3 billion, said Meta.
The Menlo Park, California-based company registered a net profit of $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 ago.
Its revenue climbed 3% to $28.65 billion from $27.91 billion.
“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.”
Meta said it has “substantially completed” layoffs it first announced in 2022. It announced a second round of layoffs in March.
Shares of the Menlo Park, California-based company rose more than 12% to $235.60 in after-hours trading.
Meta said for the June quarter it expects revenue in the range of $29.5 billion to $32 billion.
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