Meta Platforms kept the good times rolling for Big Tech this week with a first-quarter revenue beat and strong full-year guidance.
The tech giant posted revenue of $28.65 billion, up 3% year-over-year and above Street estimates of $27.65 billion, along with earnings of $2.20 per share, down from $2.72 but beating analyst projections of $2.03.
Daily and monthly active users also surpassed expectations at 2.04 billion and 2.99 billion, respectively.
As a result, Meta stock is up more than 9% in after-hours trading to $229.14.
The stock is up 72% year-to-date in 2023, which CEO Mark Zuckerburg previously said would be Meta’s “year of efficiency.” The Facebook parent is currently expected to cut around 21,000 jobs.
That’s a welcome change for shareholders after Meta stock lost nearly two-thirds of its value in 2022.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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