Published , by TJ Denzer
Published , by TJ Denzer
With the latest season of earnings results, Meta (formerly Facebook) was one of the biggest companies to report this week on its Q1 2024 earnings results. The company did well for itself in key metrics despite some losses, but it wasn’t able to instill confidence in analysts with its guidance for Q2 2024. Meta’s guidance forecast was lower than expected and the stock ended up dropping in after-hours trading.
Meta shared its Q2 2024 guidance in its Q1 2024 earnings results, which were posted on its investor relations website this week. According to Meta’s Q2 2024 earnings forecast, the company expects its second quarter revenue to reach approximately $36.5-39 billion with a midpoint of $37.75 billion. Unfortunately, Wall Street analysts were hoping to see an estimated median revenue of $38.3 billion, of which Meta’s forecast obviously falls short.
The Q1 2024 earnings results ended up being a bit of a mixed bag for Meta. The company continues to excel with its overall revenue and EPS numbers, overcoming estimates for the quarter. However, it also reported that Meta Reality Labs continues to put up significant losses, costing it $3.846 billion in Q1 2024. Even so, its mDAUs metric came out to 3.24 billion, which was up year-over-year.
Meta’s perceived caution in Q2 2024 guidance didn’t spell good news for share prices in after-hours trading, but the company still remains strong in its current quarter results. Stay tuned as we continue to cover companies reporting on their latest fiscal quarters right here at Shacknews.