Meta Q1 Sales Up 3% as Social Giant Beats Wall Street Estimates
variety.comTodd Spangler NY Digital Editor Meta, parent of Facebook and Instagram, turned in better-than-expected earnings for the first quarter of 2023 — even as net income dropped sharply on a year-over-year basis.
Overall, the company reported revenue of $28.65 billion, up 3% from the year prior, and net income of $5.7 billion (or $2.20 per share), down 24%.
Analysts on average expected Meta to post revenue of $27.65 billion and EPS of $2.03, according to Refinitiv. Click here to sign up for Variety’s free Strictly Business newsletter covering earnings, financial news and more. In announcing Q1 results, the company said Facebook averaged 2.04 billion daily active users in March, up from 2.0 billion the prior quarter.
Across all its apps, Meta reported daily active users of 3.02 billion on average for March 2023, an increase of 5% year-over-year. “We had a good quarter and our community continues to grow,” Meta chairman, CEO and co-founder Mark Zuckerberg said in prepared remarks. “Our AI work is driving good results across our apps and business.
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