Meta more than doubles Q1 profit but revenue guidance pulls shares down after
Facebook and Instagram parent company Meta said Wednesday its first-quarter profit more than doubled, boosted by higher advertising revenue and a 6% increase on the average price of ads on its platforms. But its shares dropped sharply in after-hours trading following lukewarm revenue guidance.
Meta Platforms Inc. earned $12.37 billion, or $4.71 per share, in the January-March period. That’s up from $5.71 billion, or $2.20 per share, in the same period a year earlier.
Revenue rose 27% to $36.46 billion from $28.65 billion.
Analysts, on average, were expecting earnings of $4.32 per share on revenue of $36.14 billion, according to a poll by FactSet.
For the current quarter, the Menlo Park, California-based company said it expects revenue between $36.5 billion and $39 billion. Analysts are expecting revenue of $38.25 billion for the second quarter, which is higher than the midpoint of Meta’s guidance range.
Related articles
José Ramírez drives in 3 runs as the AL Central
CLEVELAND (AP) — José Ramírez connected on a two-run homer and an RBI double as the Cleveland Guardi2024-05-22Wu Lei brace sees China cruise past Singapore
Wu Lei contributed two goals and one assist for China as the home team beat Singapore 4-1 in Group C2024-05-22China's road, water passenger trips plunge in Jan.
China's road and water passenger volume logged a year-on-year decline in the first four months o2024-05-22Magnificent view of Three Gorges on Yangtze River
This photo taken on March 11, 2023 shows the scenery of Xiling Gorge, one of the Three Gorges on the2024-05-22UN food agency warns that the new US sea route for Gaza aid may fail unless conditions improve
WASHINGTON (AP) — The U.N. World Food Program said Tuesday the new U.S. $320 million pier project fo2024-05-22- With Kuryu Matsuki's early goal, a 10-man Japan team sailed to a 1-0 victory over China in the f2024-05-22
atest comment