Wall Street

The Giant Facebook Announces First-Quarter Results

Facebook shares jumped thanks to better-than-expected quarterly earnings

Shares of Facebook, which is now called Meta, rose 18% in extended trading, after the company reported earnings that beat analyst estimates, although revenue was disappointing.

Earnings amounted to $2.72 per share, beating expectations of $2.56 per share, and as for revenue, it reached $27.91 billion, missing expectations of $28.2 billion, and the number of daily active users reached 1.96 billion compared to expectations of 1.95 billion users, while it was The number of monthly active users is 2.94 billion, which has failed to reach the expectations of 2.97 billion users, and the average revenue from each user came at $9.54, exceeding analysts’ expectations of $9.50.

This report is the first update that Meta has published to investors since its fourth-quarter earnings disclosure in March caused its stock to drop by 26% to record its worst value ever, as the number of daily active users increased from 1.93 billion users to 1.96 billion users after recording a decline In the fourth quarter for the first time. To read more [Facebook’s Stock Collapses After Weak Results].

The company’s shares are still suffering from a decline this year despite the market movements in extended trading, as the shares lost nearly half of their value in 2022 after closing the trading round, while if the stock continued its rise on Thursday, and the trading round ended with a rise of more than 19.1%, it will This is the second best level the stock has ever reached and the biggest gain it has recorded since July 2013. To read more [Social Media Stocks Plunge After Facebook’s Results].

Facebook predicts revenue in the second quarter will range from $28 billion to $30 billion, close to analyst estimates of $30.6 billion. Read more [Russian Government Blocks Access to Facebook].

Facebook changed its name to META in October, reflecting CEO Mark Zuckerberg’s efforts to develop the company and lead it into a future of work, play and study in a virtual world. To read more [Facebook Officially Changed Its Name To Meta].

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