Live Updates: Meta Stock Tumbles On Weak Sales Forecast, Spending Plans

• Meta reported first-quarter earnings on Wednesday.
• The company beat on the top and bottom line, but its second-quarter revenue forecast disappointed.
• Shares tumbled 17% in after-hours trading.

Meta reported first-quarter earnings on Wednesday after the closing bell.

The company reported revenue and earnings-per-share that beat consensus analyst estimates. But shares slid after Meta gave a range for second-quarter sales that was on the light side of forecasts.

The report is Meta’s first without monthly- and daily-average-user numbers specifically broken out for Facebook. The company instead reported overall “Family of Apps” results that also included Instagram and WhatsApp. The combined group saw $36 billion of revenue, beating the consensus estimate of $35.5 billion.

Meta’s stock fell 17% in volatile after-hours trading as the investor call kicked off. The stock slid 0.5% on Wednesday, but has gained a robust 39% so far in 2024.

The call kicks off.

Mark Zuckerberg and CFO Susan Li are here to discuss the results.