The stock of Facebook parent Meta soars after solid 1Q results
Meta, the parent company of Facebook, recently posted solid first-quarter results for the fiscal year 2023. The company reported a revenue of $29.01 billion, which is a 48% increase from the same period in the previous year. Additionally, Meta reported a net income of $9.49 billion, which is a significant increase from the $4.90 billion reported in the first quarter of 2022.
The strong financial results can be attributed to the company’s growing user base, especially in its family of apps, including Facebook, Instagram, WhatsApp, and Messenger. The company also mentioned that its advertising business remains strong, despite recent privacy concerns and regulatory pressures.
As a result of the positive financial results, Meta’s stock has soared, with shares trading up more than 7% in after-hours trading on April 27th.
Meta Platforms Inc. said Wednesday it earned $5.71 billion, or $2.20 per share, in the January-March period. That’s down 19% from $7.47 billion, or $2.72 per share, a year earlier. Results in the latest quarter were weighed down by restructuring charges.
Revenue climbed 3% to $28.65 billion from $27.91 billion.“Our AI work is driving good results across our apps and business,” CEO Mark Zuckerberg said in a statement. “We’re also becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver our long-term vision.”
Overall, this news demonstrates that Meta is continuing to perform well and maintain its dominant position in the social media and advertising industries.