Shares of Facebook parent Meta soar despite growth slowdown
MENLO PARK, CALIFORNIA (AP) — Facebook parent Meta’s first quarter profit jumped past Wall Street’s expectations despite slower revenue growth, sending shares up sharply in after-hours trading.
The company earned $7.47 billion, or $2.72 per share, in the January-March period.
That’s down 21% from $9.5 billion, or $3.30 per share, in the same period a year earlier.
Meta cut a sharp contrast with Google parent Alphabet, which on Monday reported what analysts called disappointing earnings, with profit below Wall Street’s expectations and revenue growth slower than in previous quarters.
Shares rose more than 18% to $207 in after-hours trading.