Meta shares plunged more than 15% in extended trading on Wednesday after the company issued a light forecast, which overshadowed better-than-expected first-quarter results.
Revenue increased 27% from $28.65 billion in the same period a year earlier, the fastest rate of expansion for any quarter since 2021. Net income more than doubled to $12.37 billion, or $4.71 per share, from $5.71 billion, or $2.20 per share, a year ago. One reason for the pop in net income is that, while revenue growth accelerated, sales and marketing costs dropped 16% in the quarter from a year earlier. Meta said it expects sales in the second quarter of $36.5 billion to $39 billion.
” Headcount declined by 10% in the first quarter from a year earlier to 69,329. Capital expenditures for 2024 will be $35 billion to $40 billion, an increase from a prior forecast of $30 billion to $37 billion “as we continue to accelerate our infrastructure investments to support our artificial intelligence roadmap,” Meta said. Average revenue per user in the quarter was $11.20, Meta said. The Facebook parent has been clawing back digital ad market share after a dismal 2022.
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