Meta Platforms, the parent company of Facebook and Instagram, reported a strong first quarter with a surge in profit and advertising revenue. Earnings per share doubled to $4.71, while revenue rose 27% to $36.46 billion. Despite the positive results, Meta’s shares fell sharply after-hours due to concerns about its lukewarm revenue guidance for the current quarter. The company also announced plans to increase capital expenses for 2024, citing investments in artificial intelligence.
Spotify’s significant layoffs in 2023, affecting 2,300 employees, had a greater-than-expected impact on the company’s daily operations. In an earnings call, CEO Daniel Ek acknowledged the disruption but expressed confidence in regaining momentum. Spotify reported a $210 million profit in the first quarter of 2024, compared to a loss in the same period of 2023. The company remains focused on monetization in the near term, with plans to prioritize user growth in the future.
