The logo of Meta, operator of Facebook and Instagram social networks, at the company's headquarters in Menlo Park, California.
Menlo Park (USA) – The net profit of the American Internet company Meta Platforms, which owns the social networks Facebook and Instagram and the communication service WhatsApp, decreased by 24 percent year-on-year in the first quarter to $5.71 billion (roughly CZK 122 billion). But revenue rose three percent to $28.65 billion, beating analysts' expectations. The company's shares gained more than ten percent after the results were published.
Analysts polled by FactSet had estimated quarterly revenue at $27.67 billion on average. Earnings per share also exceeded expectations. It was $2.20, while analysts estimated it at $2.02, the AP agency wrote.
Meta said in today's earnings report that it expects second-quarter sales in the range of 29.5 to 32 billion dollars. According to Reuters, the company is benefiting from the fact that ad spending is shifting to tried and tested platforms such as Facebook and Instagram in times of economic uncertainty.
“We had a good quarter and our community continued to grow, ” said the company's founder and CEO Mark Zuckerberg. “Our AI work is driving good results across our applications and business activities. We're also becoming more efficient, so we can build better products faster and put ourselves in a stronger position to deliver on our long-term vision,” he added.
Meta announced last month that it would lay off another 10,000 workers. It already said before the end of last year that it would cut about 11,000 jobs, which was about 13 percent of the workforce. At the end of March, according to today's report, the company employed 77,114 people.