Meta surges as earnings beat expectations after belt tightening
Shares of Meta (formerly Facebook) surged after it reported a Q1 profit of US$5.7bn, beating forecasts after cost-cutting measures. The number of monthly Facebook users grew to just under three billion, while the number of ads increased 26% YoY.
Meta CEO Mark Zuckerberg said that AI was driving good results and that the company would release a new model of its Quest virtual reality headset later this year.
Despite the positive news, Meta’s Reality Labs, which underpins its metaverse ambitions, reported an operating loss of nearly US$4bn.
