Meta Platforms Inc. announced on Wednesday that its revenue in the first quarter of the fiscal year 2023 saw an annual increase of 3% to land at $28.65 billion, exceeding expectations.
According to the report, the tech giant's net income declined by 24% in the three months ended March 31, compared to the same trimester in 2022, to reach $5.7 billion. Besides, its diluted earnings per share (EPS) dropped by 19% year-on-year to $2.20 per share. In the same report, the firm stated that Facebook daily active users (DAUs) rose by 4% compared to the same period last year to 2.04 billion, while Facebook monthly active users (MAUs) climbed to 2.99 billion.
"We expect second quarter 2023 total revenue to be in the range of $29.5-32 billion," the report noted while anticipating that "full-year 2023 total expenses will be in the range of $86-90 billion, updated from our prior outlook provided in March."
