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.
Louisiana dolphin shot dead; found along Cameron Parish coast
New plant species discovered in SW China
Scientists develop new artificial leaf
PICTURED: Mother
Imprisoned man indicted in 2012 slaying of retired western Indiana farmerZendaya put on another fashion parade on Tuesday as she hit the Good Morning America studios in New ...[Detailed]Tourism boom promotes revitalization of intangible cultural heritage
(Xinhua) 16:46, August 25, 2023TAIYUAN, Aug. 25 (Xinhua) -- Visitors asked questions and expressed p ...[Detailed]Production base of China's large civil unmanned aerial vehicle Wing Loong in Sichuan
(Ecns.cn) 15:47, November 29, 2023Technicians work at a production line of China's large civil unman ...[Detailed]China initiates program to boost employment among college graduates
(Xinhua) 10:54, April 13, 2024BEIJING, April 12 (Xinhua) -- An employment promotion program has been ...[Detailed]Groups urge Alabama to reverse course, join summer meal program for low
MONTGOMERY, Ala. (AP) — Alabama was one of 14 states that declined to participate in a federal progr ...[Detailed]Scientists identify new method of extracting chemicals from wastewater
(Xinhua) 15:57, December 15, 2023BEIJING, Dec. 15 (Xinhua) -- Chinese scientists have proposed a new ...[Detailed]Tiger Woods BOMBS his 100th round at Augusta National as golf legend scores 16
Tiger Woods found himself in the unusual position of finishing the Masters at the bottom of the lead ...[Detailed]1st Chinese Language Day launched in Australian capital
(Xinhua) 13:06, September 04, 2023CANBERRA, Sept. 3 (Xinhua) -- The first Chinese Language Day in Au ...[Detailed]Attempt to expedite ethics probe of Minnesota state senator charged with burglary fails on tie vote
ST. PAUL, Minn. (AP) — A Republican attempt to expedite an ethics investigation of a Democratic Minn ...[Detailed]Netflix fans go wild over 'must watch' new drama and say they 'need' a second season 'right now'
A new sci-fi series has taken Netflix storm and left viewers on the edge of their seats - as fans de ...[Detailed]