Meta shares rose 15% after a Facebook parent beat earnings estimates 2022-04-28 07:38:27

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Expectations were already low in the latest quarterly Meta results, which were mixed.

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Shares of the parent company of Facebook dead It continued to mobilize Thursday after the company reported Better than expected profit in the first quarter.

Meta reported earnings per share of $2.72, higher than the $2.56 analysts had expected. However, revenue came in at $27.91 billion, below estimates.

Meta stock is up 15% Thursday morning. It’s still down about 40% since the start of 2022, along with a host of other tech stocks that have fallen on concerns about rising inflation, the Ukraine war, and a resurgence of Covid lockdowns in China.

Expectations were relatively low in the latest quarterly Meta results, which were mixed.

comes after the company Investors were shocked in February When I published a disappointing report for the last quarter, it showed a decline in the number of daily active users for the first time ever.

Meta said Thursday that its daily active users rose slightly in the first quarter, to 1.96 billion from 1.93 billion.

The company, which changed its group name from Facebook last year, is spending heavily on hiring a CEO Mark Zuckerberg A vision of the “metaverse” – a virtual digital world that includes work, entertainment and commerce – a reality.

At the same time, the company is facing increasing competition from the Chinese short video platform TikTok.

Meta’s first-quarter sales are up 7% from a year ago, marking the first time in its 10-year history as a public company that revenue has grown in single digits.

The company said it expects revenue in the range of $28 billion to $30 billion for the second quarter. If it reaches the middle of that range, it will be the first ever decline in quarterly turnover year over year.

CNBC’s Lauren Finner contributed to this report

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