Facebook parent Meta posts solid Q1 results, revenue up 3%; stock soars

Meta also reported that the monthly user base of its flagship platform Facebook inched close to 3 billion

AP San Francisco
Meta Platforms Inc, Meta

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Facebook parent company Meta's first-quarter results surpassed Wall Street's modest expectations on both profit and revenue, sending its stock soaring in after-hours trading.

Meta also reported that the monthly user base of its flagship platform Facebook inched close to 3 billion.

Meta Platforms Inc. said Wednesday it earned $5.71 billion, or $2.20 per share, in the January-March period. That's down 19% from $7.47 billion, or $2.72 per share, a year earlier.

Revenue climbed 3% to $28.65 billion from $27.91 billion.

Analysts, on average, were expecting earnings of $2.02 per share on revenue of $27.67 billion, according to a poll by FactSet.

Meta said it has substantially completed layoffs it first announced in 2022. It announced a second round of layoffs in March.

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Shares of the Menlo Park, California-based company rose $18.97, or 9.1%, to $228.37 in after-hours trading.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Apr 27 2023 | 7:24 AM IST

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