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Meta Shares Jump On Better-Than-Expected Q1 Results

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deadline.com
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Shares in Meta Platforms jumped 12% in after-hours trading following the company’s report of better-than-expected first-quarter financials.

Despite being well below the record highs established in mid-2021, the stock has nearly doubled this year so far. It ended regular trading Wednesday at $209.40, up 1%.

Meta, parent of social media giants Facebook, Instagram and WhatsApp, posted total revenue of $28.65 billion. While that was up only 3% from the year-ago quarter, it was about $1 billion better than Wall Street analysts’ consensus forecast.

Earnings per share slid 19% to $2.20 but still handily cleared the Street’s $2.01 bar. Facebook ended the quarter with 2.04 billion daily users, up 4% from a year ago.

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