As Facebook continues its move towards the Meta brand, it also continues its investment in products and services related to the metaverse. For this recent fiscal quarter, that ended up with mixed results. Facebook’s Q1 2022 earnings results are out and while the company put up solid stats on user growth and earnings-per-share (EPS), it fell just short of revenue expectations for the quarter.
Facbeook reported its Q1 2022 earnings results in a press release on its investor relations website on April 27, 2022. According to the results, Facebook had a few wins to report, including EPS beating Wall Street expectations. The company reported a final number of $2.72 USD per share. This was against a Wall Street expectation of $2.54 per share and a whisper number of $2.49 per share, so Facebook was ahead of all expectations. It couldn’t say the same for revenue, though. Where the expectation was $28.2 billion, Facebook only landed at $27.91 billion.
A few other notable numbers for Facebook out of today’s reporting included the growth of its social media platform. Facebook’s daily active users (DAUs) and monthly active users (MAUs) were both up year-over-year, with the former putting up 1.96 billion for a 4 percent increase and the latter putting up 2.94 billion and a 3 percent increase in March 2022.
Ultimately, Facebook’s performance in its Q1 2022 earnings results provided a much-needed shot in the arm for the company’s stock, which was up big in after-hours trading. The stock went from a low of around $174.65 to nearly $200 and still climbing as of this writing. This follows a steady drop in stock value throughout 2022 where it began at around $338 per share in January, according to Yahoo Finance.
With Facebook continuing to transition towards the Meta brand and pouring effort into VR and metaverse experiences alongside its other business ventures, it will be interesting to see if the company continues to perform in future quarters. That said, for now, Facebook seems to have mostly notched a win on its belt in Q1 2022. Stay tuned for more tech company quarterly earnings reporting here at Shacknews.