Facebook parent Meta posts solid Q1 results, revenue up 3%; stock soars

Facebook parent company Meta's first-quarter results surpassed Wall Street's modest expectations on both profit and revenue, sending its stock soaring in after-hours trading.

Meta also reported that the monthly user base of its flagship platform Facebook inched close to 3 billion.

Meta Platforms Inc. said Wednesday it earned $5.71 billion, or $2.20 per share, in the January-March period. That's down 19% from $7.47 billion, or $2.72 per share, a year earlier.

Revenue climbed 3% to $28.65 billion from $27.91 billion.

Analysts, on average, were expecting earnings of $2.02 per share on revenue of $27.67 billion, according to a poll by FactSet.

Meta said it has substantially completed layoffs it first announced in 2022. It announced a second round of layoffs in March.

Shares of the Menlo Park, California-based company rose $18.97, or 9.1%, to $228.37 in after-hours trading.