Meta Stock Jumps on Earnings Report. The Expectations Were Low.

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For the March quarter, Meta projected revenue of between $27 billion and $29 billion.

Noah Berger/AFP via Getty Images

Shares of




Platforms jumped late Wednesday after the social network reported first-quarter profits that beat Wall Street expectations.

Meta shares are up 19% in late trading.

Revenue, though, came in lower than expected, and guidance for the June quarter fell well below Street estimates.

For the March quarter, Meta (ticker: FB) posted revenue of $27.9 billion, up 7% from a year ago. That was a little short of the Wall Street consensus forecast of $28.3 billion, and about in the middle of the company’s guidance range of $27 billion to $29 billion. Profits in the quarter were $2.72 a share, a little above the consensus of $2.56 a share.

For the June quarter, Meta sees revenue ranging from $28 billion to $30 billion, falling short of the old Wall Street consensus forecast of $30.7 billion. At the middle of the range, revenue would be flat with the year ago quarter at $29.1 billion.

Meta said it had 2.87 billion daily active people on its services in the quarter, up 6% from a year ago. Facebook daily active users were 1.96 billion, up 4%. That’s up slightly from December, reversing a small decline in the prior quarter.

The company said it expects monthly average users in the June quarter to be flat to down from the first quarter, due to the loss of subscribers in Russia, where service has been suspended.

Meta said that the outlook “reflects a continuation of the trends impacting revenue growth in the first…


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