The parent company of FacebookMeta Platforms Inc., reported on Wednesday that daily active users for the quarter beat Wall Street estimates, but reported its slowest revenue growth in a decade.
Shares of the company were up 7% in after-hours trading. Goal it has lost about half its value since the beginning of the year.
The daily active usersa key metric for advertisers indicating activity on the platform, were 1.96 billion, slightly more than the 1.95 billion estimate, according to IBES data from Refinitiv.
Meta forecasts second-quarter revenue of between $28 billion and $30 billion. Analysts on average had expected revenue for the current quarter of $30.63 billion.
Total revenue, most of which came from ad sales, rose 7% to $27.91 billion in the first quarter, but fell short of analyst estimates of $28.2 billion, according to IBES data. from Refinitiv.
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