Meta reported better-than-expected results during its first-quarter earnings call on Wednesday.
The tech giant's digital ad sales rebounded as it continues to invest heavily in artificial intelligence and virtual reality.
- Meta reported earnings per share of $2.20, beating the $2.03 expected by analysts, according to Refinitiv.
- The company posted revenue of $28.65B for the quarter, up 3% from the same time last year.
- The unexpected jump marks the first increase in Meta's revenue for three consecutive quarters.
- Meta reported an Average Revenue per User (ARPU) of $9.62, beating analysts' expectations of $9.30, according to StreetAccount.
- The
company's Reality Labs unit, which develops Meta's virtual and
augmented reality technologies, posted an operating loss of $3.99B for
the quarter.
- The company said it expects the unit's losses to increase this year.
- CEO Mark Zuckerberg issued an upbeat statement about the results, saying: “We had a good quarter and our community continues to grow.”
