Meta Platforms’ revenue for the quarter came in at $36.46 billion, beating the consensus estimate of $36.14 billion. This represents an increase of 22% year-over-year. The company’s net income for the quarter was $11.45 billion, compared to $10.28 billion in the first quarter of 2022. Meta Platforms’ earnings per share (EPS) were $4.71, exceeding the consensus estimate of $4.32 by $0.39 per share. This represents an increase of 23% year-over-year.
In terms of user growth, Meta Platforms reported that its monthly active users (MAUs) increased to 2.91 billion, an increase of 4% year-over-year. The company’s daily active users (DAUs) also increased to 1.96 billion, an increase of 5% year-over-year.
Meta Platforms’ stock price closed at $493.50 on Thursday, up 25.21% in the last three months and up 137.77% in the last 12 months. The company’s market capitalization is now $614.2 billion.
Overall, Meta Platforms’ first quarter results were strong and the company’s stock price is up in after-hours trading. The company is facing some challenges, such as increased competition from TikTok and other social media platforms, but it remains a dominant player in the social media landscape.
