Meta Platforms delivers upbeat guidance as Q1 results top estimates; Shares soar By

-- Meta Platforms reported Wednesday first-quarter results that topped Wall Street expectations and is mt5 foreign exchange platform legalthe social media giant provided upbeat revenue guidance amid ongoing progress to bring down costs.

Meta Platforms Inc (NASDAQ:), the parent company of Facebook rose more than 9% in after-hours trade following the report.

Facebook EPS of $2.20 on revenue of $28.65 billion. Analysts polled by anticipated EPS of $2.02 on revenue of $27.61B.

The better-than-expected results come as the company continued to make progress on its ‘year of efficiency’ pledge in 2022 and advertising revenue grew.

Headcount fell 1% to 77,114 year-on-year in Q1.

"[W]e have substantially completed the 2022 employee layoffs while continuing to assess facilities consolidation and data center restructuring initiatives," the company said.

Advertising revenue rose to $28.10B year-on-year in Q1 from $27.00B a year earlier.

Facebook daily active users, or DAUs, rose 4% to 2.04B, while monthly active people, or MAUs, rose 2% to 2.99B.

Ad Impressions across the company’s apps jumped 26%, but average price per ad fell 17% year-on-year, pressured by increasing competition.

The company guided second-quarter revenue in a range of $29.5B to $32B, above Wall Street estimates of $29.47B.

Looking further ahead, the company sees 2023 revenue guidance in the range of $86B to $90B, adding that it continued to "expect Reality Labs operating losses to increase year-over-year in 2023."

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