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28 Apr 2022

Meta Shares Surge by 12% following Bullish Q1 Earnings Report

The Index Today

Shares of Facebook-parent Meta Platforms Inc. soared by over 12%, hours after the firm posted its first quarter earnings data that surpassed expectations with an EPS of $2.72 exceeding the forecast of $2.56.

As per Reuters, for the month of March, 2022, the family daily active people (DAP) were recorded at an average of 2.87 billion. On the other hand, the family monthly active people (MAP) were reported to be 3.64 billion by March 31, 2022. Both the DAP and MAP figures edged higher by 6% year-on-year. However, Facebook’s shares have fallen by 48% this year till date.

The first quarter ad impressions over Family of apps surged by 15% year-on-year, while the average price per ad slumped by 8% YOY. Against the forecast estimate of $28.2 billion, the company’s earnings rose by 7% year-on-year to $27.91 billion. Additionally, Meta also released its second quarter revenue forecast in the range of $28-30 billion, which falls below the estimate of $30.6 billion, reported Reuters.

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