Shares of the social media giant rose 15% in extended trading
Total revenue, the bulk of which comes from ad sales, rose seven per cent to US$27.91 billion in the first quarter, but missed analysts’ estimates of US$28.20 billion, according to IBES data from Refinitiv.
Net income fell 21 per cent to US$7.47 billion in the first quarter, but beat analysts’ estimates of US$7.15 billion, according to IBES data from Refinitiv. Meta forecast second-quarter revenue between US$28 billion and US$30 billion, citing factors including the war in Ukraine. Recent earnings reports from Google parent Alphabet Inc and Snap Inc have signalled the impact of the global economic turmoil on digital ads spending.
Meta lowered its expected 2022 total expenses to between US$87 billion and US$92 billion, down from its prior outlook of US$90 billion to US$95 billion.
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