Meta Platforms Inc (NASDAQ:FB) shares have jumped more than 16% after the bell following the release of better-than-expected earnings driven by an increase in users across the company’s platforms.
Facebook’s parent company reported total revenue for 1Q 2022 of $27.9 billion compared to $26.2 billion in the same quarter last year, coming in below analyst expectations of $28.2 billion.
However, for the quarter ending March 31, 2022, the company’s earnings per share exceeded analyst expectations of $2.56, coming in at $2.72, compared to $3.30 last year.
READ: Facebook-owner Meta to open its first brick-and-mortar store to sell the metaverse
In terms of ad revenue, the company reported $27 billion for 1Q 2022, compared to $25.4 billion this time last year, falling short of analyst expectations of $27.5 billion, according to Bloomberg.
The tech giant reported that it has added users across its Family of Apps, including Facebook, Instagram, Messenger, and WhatsApp.
Family daily active people was 2.87 billion on average for March 2022, up 6% from March 2021.
Facebook daily active users were 1.96 billion as of March 31, 2022, which is an increase of 3% year-on-year, the company said.
Meta CEO Mark Zuckerberg said more people were using the company’s services than ever before.
“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,” he said in a statement.
Contact Emily at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie