Meta Platforms Inc. (NASDAQ:META) shares are trading higher on Thursday following the company's stronger-than-expected first-quarter financial results.
What To Know: The company reported revenue of $42.31 billion, exceeding analyst expectations of $41.39 billion and posted earnings per share of $6.43, which beat the $5.21 estimate. Revenue was up 16% year-over-year, continuing a trend of outperformance, with this marking the ninth consecutive quarter that Meta beat both top- and bottom-line estimates.
Key operational metrics also improved. Family daily active users reached 3.43 billion, up 6% year-over-year. Advertising impressions grew 5%, and the average price per ad rose 10%. Operating margin increased to 41%, up from 38% a year ago. Capital expenditures totaled $13.69 billion, and the company closed the quarter with over $70 billion in cash and equivalents. Headcount increased 11% year-over-year to 76,834.
The company expects second-quarter revenue to fall between $42.5 billion and $45.5 billion, slightly above the consensus estimate of $44.06 billion. Full-year expenses are projected to be slightly lower than previously guided, now between $113 billion and $118 billion.
META Price Action: Meta shares closed Thursday up 4.32% at $572.21, according to Benzinga Pro.
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