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Meta (FB) shares surge after Q1 earnings beat


Meta’s quarterly results were mixed, so expectations were low.

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Facebook shares MetaThe company’s report on Thursday, which saw a rise in sales, continued to inspire rallies better-than-expected profit In the first quarter.

Meta posted earnings per share at $2.72. This is higher than analysts expected of them. But revenue was lower than expected at $27.91 trillion.

Meta stock rose 15% on Thursday morning. The stock is still about 40% below the 2022 start date. This comes alongside many other tech stocks that have plunged due to concerns regarding rising inflation, war in Ukraine, and return of Covid lockdowns.

Meta’s most recent quarterly results were disappointing. Expectations were low.

The company is the one that it follows. shocked investors in FebruaryWhen it published a disappointing fourth-quarter statement, in which daily active users fell for the first record.

Meta reported Thursday that it saw a slight increase in daily active users from 1.93 to 1.96 billion during the first quarter.

It has increased its spending to hire a CEO after changing its Facebook group name. Mark Zuckerberg’s vision for the “metaverse” — a hypothetical digital world incorporating work, leisure and commerce — a reality.

The company also faces growing competition from TikTok in China, which is a short-form video platform.

Meta saw its first quarter sales rise 7% compared to a year earlier, making it the first time that Meta has seen revenue grow in single figures in its 10-year history.

According to the company, revenue for the second quarter will be in the $28 billion-$30 billion range. The company said that if the range is in the middle, this would represent the lowest quarterly turnover of any year.

— CNBC’s Lauren Feiner contributed to this report