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Headline : Meta to report first-quarter results after the bell

Read more from the original article on here at www.cnbc.com.





Tags : #meta #report #firstquarter #results #bell


No. of Paragraph 25

Meta shares plunged 16% in extended trading on Wednesday after the company issued a light forecast, which overshadowed better-than-expected first-quarter results.

Revenue increased 27% from $28.65 billion in the same period a year earlier, the fastest rate of expansion for any quarter since 2021. Net income more than doubled to $12.37 billion, or $4.71 per share, from $5.71 billion, or $2.20 per share, a year ago.

One reason for the pop in net income is that, while revenue growth accelerated, sales and marketing costs dropped 16% from the year-earlier period.

Meta said it expects sales in the second quarter of $36.5 billion to $39 billion. The midpoint of the range, $37.75 billion, would represent 18% year-over-year growth and is below analysts' average estimate of $38.3 billion.

Read more from the original article on here at www.cnbc.com.


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