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Facebook parent Meta beats daily active users estimates -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: The new Facebook rebranding logo Meta appears on smartpone, in front the Facebook Messenger, Messenger, Intagrams, Whatsapp and Oculus logos in this illustration taken October 28, 2021. REUTERS/Dado Ruvic/Illustration

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(Reuters] -Facebook parent Meta Platforms Inc announced Wednesday its quarterly daily active user report, surpassing Wall Street estimates. It also reported the company’s slowest revenue growth for ten years.

Extended trading saw shares rise by 7%. Meta’s value has fallen by about half since the start.

According to Refinitiv’s IBES data, 1.96 billion daily active users were a crucial metric that advertisers use to measure activity on the platform. This is slightly lower than the 1.95 billion estimate.

Meta projects second quarter revenue of between $28 billion-$30 billion. On average, analysts expected current-quarter revenues of $30.63 trillion.

The bulk of total revenue comes from advertising sales and rose 7% in the quarter. However, analysts had predicted a rise of 28% billion according to IBES data compiled by Refinitiv.

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