The company’s interim result exceeded analysts’ expectations.
The easing of the corona pandemic has affected Meta’s result less than expected. Rafael Henrique / SOPA Images / Shutterstock
Facebook’s parent company Meta reported better-than-expected earnings in the recently ended quarter on Wednesday, several international media reported.
Meta said it would make a $ 7.5 billion profit with $ 27.9 billion in revenue in the first quarter of this year.
Earnings clearly exceeded Wall Street targets, with shares valued at $ 2.72 per share. Analysts estimated $ 2.56.
The news has reassured investors concerned about competition from the popular community service TikTok and also eased the plight of the coronavirus pandemic in the company.
– We made progress in several of the company’s key priorities this quarter and continue to rely on the long-term opportunities and growth that our product plans open up, Meta’s CEO Mark Zuckerberg described.
Investors had been concerned that an increase in people’s social activities as the corona pandemic eased would make them use Facebook less than before.
Currently, the company says it is monitoring the effects of the Ukrainian war on its future prospects.
Technology giant Meta owns Facebook, Messenger, WhatsApp, Instagram and virtual reality company Oculus.