Meta Beats Q1 Earnings Expectations... Up 12% in After-Hours Trading

Meta Platforms, the parent company of Facebook, announced better-than-expected results for the first quarter of this year on the 26th (local time), causing its stock price to surge nearly 12% in after-hours trading.

[Image source=Yonhap News]

Meta reported first-quarter revenue of $28.65 billion, a 3% increase compared to the same period last year. This exceeded market expectations of $27.65 billion.

Net income was $5.71 billion, with earnings per share of $2.20. Although this represents a 19% decrease from the same period last year, it surpassed analysts' expectations of $2.02 per share.

Mark Zuckerberg, CEO of Meta, stated, "Our artificial intelligence (AI) efforts are delivering good results across applications and the entire business. We are becoming more efficient. We are creating better products faster, which will position us more strongly from a long-term perspective."

Meta forecasted second-quarter revenue to range between $29.5 billion and $32 billion.

Following the announcement of results exceeding expectations, Meta's stock price rose more than 12% in after-hours trading.

This content was produced with the assistance of AI translation services.