Meta Platforms Archives - theprimarymarket.com Thu, 27 Apr 2023 07:48:27 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.2 Meta Stock Soars After Impressive Q1 Earnings Results https://theprimarymarket.com/meta-stock-soars-after-impressive-q1-earnings-results/ Wed, 26 Apr 2023 23:35:00 +0000 https://theprimarymarket.com/?p=3235 Meta Platforms, the parent company of Facebook and Instagram, took investors and analysts by surprise with its first-quarter earnings results. Wednesday’s report revealed that Meta not only topped expectations by a healthy margin but also recorded sales growth after three consecutive negative quarters. As a result of Meta’s strong performance in Q1, the company’s stock […]

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]]> Meta Platforms, the parent company of Facebook and Instagram, took investors and analysts by surprise with its first-quarter earnings results. Wednesday’s report revealed that Meta not only topped expectations by a healthy margin but also recorded sales growth after three consecutive negative quarters.

As a result of Meta’s strong performance in Q1, the company’s stock soared in after-hours trading. The shares jumped almost 12% compared to Wednesday’s close price of $209.40.

Meta’s revenue grew by 3% compared to the same period last year and came to $28.65 billion. The analysts polled by Bloomberg expected a decline and revenue of $27.67 billion. The $2.20 in earnings per share topped the estimated EPS of $2.01, while advertising revenue of $28.1 billion was also well above the expected $26.76 billion.

“We had a good quarter, and our community continues to grow,” Meta’s 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.”

Among other numbers, Meta raised its forecast for the second quarter of 2023 to $29.5 billion-$32 billion, compared to an estimated $29.48 billion. The company also reported a $1 billion loss from the restructuring process it underwent earlier this year and expects an additional $500 million in costs from the job cuts.

The post Meta Stock Soars After Impressive Q1 Earnings Results appeared first on theprimarymarket.com.

]]> ersion="1.0" encoding="UTF-8"?> Meta Platforms Archives - theprimarymarket.com Thu, 27 Apr 2023 07:48:27 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.2 Meta Stock Soars After Impressive Q1 Earnings Results https://theprimarymarket.com/meta-stock-soars-after-impressive-q1-earnings-results/ Wed, 26 Apr 2023 23:35:00 +0000 https://theprimarymarket.com/?p=3235 Meta Platforms, the parent company of Facebook and Instagram, took investors and analysts by surprise with its first-quarter earnings results. Wednesday’s report revealed that Meta not only topped expectations by a healthy margin but also recorded sales growth after three consecutive negative quarters. As a result of Meta’s strong performance in Q1, the company’s stock […]

The post Meta Stock Soars After Impressive Q1 Earnings Results appeared first on theprimarymarket.com.

]]> Meta Platforms, the parent company of Facebook and Instagram, took investors and analysts by surprise with its first-quarter earnings results. Wednesday’s report revealed that Meta not only topped expectations by a healthy margin but also recorded sales growth after three consecutive negative quarters.

As a result of Meta’s strong performance in Q1, the company’s stock soared in after-hours trading. The shares jumped almost 12% compared to Wednesday’s close price of $209.40.

Meta’s revenue grew by 3% compared to the same period last year and came to $28.65 billion. The analysts polled by Bloomberg expected a decline and revenue of $27.67 billion. The $2.20 in earnings per share topped the estimated EPS of $2.01, while advertising revenue of $28.1 billion was also well above the expected $26.76 billion.

“We had a good quarter, and our community continues to grow,” Meta’s 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.”

Among other numbers, Meta raised its forecast for the second quarter of 2023 to $29.5 billion-$32 billion, compared to an estimated $29.48 billion. The company also reported a $1 billion loss from the restructuring process it underwent earlier this year and expects an additional $500 million in costs from the job cuts.

The post Meta Stock Soars After Impressive Q1 Earnings Results appeared first on theprimarymarket.com.

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