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.
Amir Khan's £11.5m luxury wedding venue finally hosts its first marriage: Bride arrives on horse
Xi calls for solid efforts to further energize China's central region
Xi calls for closer ties with Vietnam
French health foundation's cooperation commended
Jon Wysocki dead at 53: Staind drummer passes away
Trilateral talks to bolster ties
Xi extends condolences to Putin over deadly Moscow concert hall terror attack
Travis Kelce downs whiskey shot on slice of bread at Kelce Jam without Taylor Swift
Beijing slams Washington on illegal claims of demarcation of seabed
Sweden beats France, Britain relegated after losing to Norway at hockey worlds
Washington draws flak for sending wrong signal