Meta reported first quarter revenue of $36.5 billion, up 27 percent from the year-earlier period and above Wall Street expectations.
The company, which owns Facebook, Instagram and more, had issued guidance of $34.5 to $37 billion for the first quarter. Meta reported income of $12.4 billion, up 117 percent from the year-earlier period.
“It’s been a good start to the year,” said Mark Zuckerberg, Meta founder and CEO. “The new version of Meta AI with Llama 3 is another step towards building the world’s leading AI. We’re seeing healthy growth across our apps and we continue making steady progress building the metaverse as well.”
However, shares were slumping 10 percent in after hours trading after Meta said it expects second quarter revenue in the range of $36.5-$39 billion.
More to come.
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