Meta shares soar as Facebook records stronger-than-expected daily user growth

Meta Platforms shares climbed on Wednesday as Facebook's quarterly daily active users were above Wall Street estimates, even as Meta recorded its slowest revenue growth in a decade.Profit soundly beat Wall Street targets at US$2.72 per share, compared with an analyst consensus of US$2.56, according to IBES data from Refinitiv.

Meta has lost about half of its value since the start of the year, after a dismal February earnings when it reported a decline in Facebook's daily active users for the first time and forecast a gloomy quarter, blaming factors including Apple's privacy changes and increased competition from platforms like ByteDance's TikTok.

Total revenue, the bulk of which comes from ad sales, rose 7 per cent to US$27.91 billion in the first quarter, but missed analysts' estimates of US$28.20 billion, according to IBES data from Refinitiv.

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Meta shares soar as Facebook records stronger-than-expected daily user growthMeta Platforms shares climbed on Wednesday (Apr 27) as Facebook\u0027s quarterly daily active users were above Wall Street estimates, even as Meta recorded its slowest revenue growth in a decade. Shares of the social media giant rose 15 per cent in extended trading. Profit soundly beat Wall Stree
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Facebook parent Meta beats daily active users estimates:Facebook parent Meta Platforms Inc on Wednesday reported quarterly daily active users above Wall Street estimates, even as it recorded its slowest revenue growth in a decade.Shares of the company rose 7 per cent in extended trading. Meta has lost about half of its value since the start of the year. D
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »