The current 1.96 billion was slightly more than the market expected. The revenue increase of 6% to $27.9 billion was slightly disappointing and operating profit declined 25% to $11.4 billion. Net profit of $7.5 billion was nevertheless better than analysts had generally expected.
However, the increase in the number of users resulted in a 10% price gain in after-hours trading.
Total expenditure this year will be slightly lower than estimated three months ago. Meta is now counting on a maximum of $92 billion dollars, where it was previously at the most $95 billion. Those high expenditures, including on developing applications that bring people into the metaverse, were also a reason that shocked investors three months ago.
Data transfer
Meta also discussed the developments surrounding transatlantic data transfer and its possible consequences for European activities. A European judge recently scrapped the legal basis that now makes this possible. According to Meta, a political agreement is now being worked on. The company previously warned that stopping data transfers could have a devastating impact on the business. The company relies on the processing of user data in order to provide targeted online advertisements.