Published , by Donovan Erskine
Published , by Donovan Erskine
Meta, the parent company behind Facebook, is out with its latest round of quarterly earnings. While there’s a lot to parse through, the report clearly shows that Meta beat analyst expectations for earnings and revenue.
Meta shared its Q1 2024 earnings report when markets closed today. Meta reeled in $36.46 billion in revenue in Q1, narrowly beating the $36.2 billion expectation. As for earnings-per-share, Meta made $4.71/share against a $4.32/share prediction.
"It's been a good start to the year," said Mark Zuckerberg, Meta founder and CEO. "The new version of Meta AI with Llama 3 is another step towards building the world's leading AI. We're seeing healthy growth across our apps and we continue making steady progress building the metaverse as well."
Meta stock was down considerably in after-hours trading, hitting as low as $430.75 after ending the day at $493.50.
While Meta overall saw some solid results in its Q1 earnings, its Reality Labs division once again took a substantial loss in the quarter. For more of the financial news hitting the tech world this week, Shacknews has what you need to know.