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Meta Platforms Inc (NASDAQ:FB) shares are trading higher Thursday after the company reported better-than-expected earnings results.
Meta said first-quarter revenue increased 7% year-over-year to $27.91 billion, which came in below the $28.21 billion estimate. The company reported quarterly earnings of $2.72 per share, which beat the estimate of $2.56 per share, according to data from Benzinga Pro.
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Monthly active users totaled 2.94 billion as of March 31, representing an increase of 3% year-over-year. Daily active users reached 1.96 billion, an increase of 4% year-over-year.
Related Link: Meta Platforms Q1 Earnings Highlights: EPS Beat, Revenue Miss, User Metrics Up And More
Meta said it expects second-quarter revenue to be between $28 billion and $30 billion versus the $30.6 billion estimate. On the company's earnings call, CEO Mark Zuckerberg said he expects Meta to have meaningful metaverse revenue in 2030.
Analyst Assessment:
- Piper Sandler analyst Thomas Champion maintained Meta with a Neutral rating and lowered the price target from $240 to $230.
- Morgan Stanley analyst Brian Nowak maintained Meta with an Overweight rating and raised the price target from $325 to $330.
- Raymond James analyst Aaron Kessler maintained Meta with an Outperform rating and lowered the price target from $340 to $290.
- BMO Capital analyst Daniel Salmon maintained Meta with a Market Perform rating and lowered the price target from $225 to $222.
- Truist Securities analyst Youssef Squali maintained Meta with a Buy rating and lowered the price target from $350 to $320.
FB 52-Week Range: $169 - $384.33
The stock was up 16.1% at $203.04 at time of publication.
Photo: ProdeepAhmeed from Pixabay.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.