A naukri.com initiative
Siliconangle
1M
210
Image Credit: Siliconangle
Meta Platforms crushes Wall Street’s earnings and revenue targets
- Meta Platforms, the parent company of Facebook and Instagram, exceeded analysts' earnings and revenue expectations in the first quarter.
- The company reported earnings per share of $6.43, surpassing the consensus estimate of $5.28, and revenue of $42.31 billion, beating the target of $41.4 billion.
- Meta's net profit for the quarter rose to $16.64 billion from $12.37 billion the previous year.
- The company expects second-quarter revenue between $42.5 billion and $44.5 billion, with increased capital expenditures directed towards data center investments for AI.
- A ruling by the European Commission on Meta's no-ads subscription service could impact European revenue in the third quarter.
- Meta saw growth in advertising revenue, daily active users, and new services like Threads and Meta AI digital assistant.
- The Reality Labs division posted an operating loss in the quarter but remains focused on metaverse technologies.
- Ad revenues from the Asia-Pacific region were below expectations due to reduced spending from Asian e-commerce retailers.
- Despite ad uncertainties, Meta's stock rose over 5% in extended trading, although it is down 6% year-to-date.
- Snap Inc. and Google parent Alphabet Inc. also face potential challenges from economic uncertainties.
Read Full Article
12 Likes
For uninterrupted reading, download the app