Meta posts 3% rise in Q1 earnings above experts’ expectations — financial report

NEW YORK:  Revenue of the US corporation Meta (recognized as extremist, banned in Russia) increased by 3% in Q1 2023 year-on-year, exceeding...

NEW YORK:  Revenue of the US corporation Meta (recognized as extremist, banned in Russia) increased by 3% in Q1 2023 year-on-year, exceeding analysts’ expectations, according to the company’s financial report released on Wednesday.

Meta’s revenue amounted to $28.6 bln in the reporting period, up by 3% compared with $27.9 bln in the same period last year. The company’s Q1 financial results surpassed analysts’ expectations, who projected earnings worth no more than $27.6 bln, CNBC television noted.

Net profit equaled $5.7 bln in the period compared to $7.4 bln in the previous year (down by 24%). That said, net profit also exceeded analysts’ expectations who projected a greater decrease, CNBC added.

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