FTSE 100 Live: Meta beats revenue expectations, Sainsbury’s results, Barclays update

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.”