Meta shares get a lift after first quarter revenue beat expectations
Shares in Meta surged as much as 11% in aftermaket trading as the Facebook and WhatsApp owner posted first quarter revenues that surpassed analyst expectations.
The social media giant posted sales of $28.65 billion, almost a billion dollars more than the $27.67 billion estimated by analysts.
The firm’s advertising revenue was boosted by the growth of ad impressions, which rose 26% year-on-year.
Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said: “Meta has seen its valuation receive another injection of goodwill as investors breathe a sigh of relief at the sight of a growing advertising revenue line.
“This surprise advertising recovery could suggest consumer behaviour isn’t slowing down as abruptly as thought, helping businesses to up their spending.”
(Nicholas T Ansell/PA)
/ PA Wire
