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.
Kansas' governor vetoed tax cuts again over their costs. Some fellow Democrats backed it
TikTok crackdown bill unanimously approved by US House panel
From the fabulous 'Elvis Dress' to the velvet gown she wore dancing with Travolta
Girl, five, dies after being hit by a lorry as she rode her bike outside school
Is this the latest Nessie sighting? Hunter spots '18ft
Here's one we faked earlier! Portrait of late Queen Elizabeth II with her grandchildren and great
Mother, 24, outraged after learning shopping centre bathroom with baby changing facilities has CCTV
Meghan Markle continues to wear neutral clothing four years on from the Sussex's 'freedom flight'
Dairy cattle must be tested for bird flu before moving between states, agriculture officials say
Not b***** likely! How straight
Cristian Măcelaru to become music director of Cincinnati Symphony Orchestra in 2025
'It has taken us time to explain to George, Charlotte and Louis