Facebook owner Meta Platforms reported its first-quarter results on Wednesday, revealing that its revenue underperformed slightly by annually rising 7% to $27.91 billion. However, the tech giant's diluted earnings per share surpassed expectations at $2.71 despite plunging 18%. Net income tumbled 21% to $7.47 billion.
Facebook's daily active users arrived at 1.96 billion, with monthly active users reaching 2.94 billion in the first trimester of 2022 as both figures expanded slightly versus the same period of 2021. The tech giant's ad revenue stood at $27 billion.
"We made progress this quarter across a number of key company priorities and we remain confident in the long-term opportunities and growth that our product roadmap will unlock. More people use our services today than ever before, and I'm proud of how our products are serving people around the world<" CEO Mark Zuckerberg noted.
Meta added it expected second-quarter revenue to be in the range of between $28 billion and $30 billion. The company's shares soared over 12% in the after-hours trading following the announcement.
