Facebook parent Meta posted solid quarterly financials today with revenue and EPS beating Wall Street expectations, but investors dinged the stock on high expenses and lower than anticipated revenue for the current quarter.
Shares are down 10% in after-market trading. What Meta calls “Family daily active people” or DAP, rose 7% to 3.24 billion for the three months ended in March.
The company also owns Instagram and WhatsApp. Revenue rose 27% to $36.46 billion for the quarter. Net income of $12.4 billion was way up from $5.7 billion the year before.
The company’s numbers hit the same day that President Biden signed into a law legislation that will make life difficult for giant rival TikTok, whose Chinese parent has about nine months to divest the social media network or potentially see it banned from U.S.
Read more on deadline.com
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