Facebook and Instagram parent company Meta said Wednesday its first-quarter profit more than doubled, boosted by higher advertising revenue and a 6% increase on the average price of ads on its platforms. But its shares dropped sharply in after-hours trading following lukewarm revenue guidance.
Meta Platforms Inc. earned $12.37 billion, or $4.71 per share, in the January-March period. That’s up from $5.71 billion, or $2.20 per share, in the same period a year earlier.
Revenue rose 27% to $36.46 billion from $28.65 billion.
Analysts, on average, were expecting earnings of $4.32 per share on revenue of $36.14 billion, according to a poll by FactSet.
For the current quarter, the Menlo Park, California-based company said it expects revenue between $36.5 billion and $39 billion. Analysts are expecting revenue of $38.25 billion for the second quarter, which is higher than the midpoint of Meta’s guidance range.
Imprisoned man indicted in 2012 slaying of retired western Indiana farmer
ACWF Holds Video Meeting to Study Law on Safeguarding National Security in HK SAR
ACWF Holds Forum to Share Women's Efforts, Achievements in Battle Against Poverty
Oklahoma prosecutors charge fifth member of anti
Opera Professor Turns Classrooms into Performance Stages
Spreading Traditional Chinese Culture
ACWF President Calls on Teachers to Pass on China's COVID
CORSET addict, 48, who wears a steel
ACWF Launches Women Volunteers' Action