Meta Platforms (NASDAQ:META) stock is gaining on Thursday after the social media company released its earnings report for the first quarter of 2023.
The good news for META stock starts with its diluted earnings per share of $2.20. That’s better than the $1.95 per share Wall Street was expecting in Q1 even if it’s a 19% drop year-over-year (YOY) from $2.72.
When it comes to revenue, Meta Platforms brought in $28.65 billion. This is above the $27.66 billion that analysts were looking for this quarter. it’s also a 3% increase compared to the $27.91 billion reported in Q1 2022.
Mark Zuckerberg, founder and CEO of Meta Platforms, said the following in the earnings report:
“We had a good quarter and our community continues to grow. Our AI work is driving good results across our apps and business. We’re also becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver our long term vision.”
META Stock Q2 Outlook
Things are also looking good for META stock considering its outlook for the second quarter of 2023. This has it expecting revenue to range from $29.5 billion to $32 billion. To put that in perspective, Wall Street’s revenue estimate is sitting at $29.53 billion.
META stock is up 14.7% as of Thursday morning and is up 67.9% since the start of the year.
Investors looking for more of the most recent stock market news will want to stick around!
We have all of the biggest stock market stories traders need to know about on Thursday! Among that is what has shares of Impinj (NASDAQ:PI), Baudax Bio (NASDAQ:BXRX), and Atomera (NASDAQ:ATOM) stock moving today. You can read up on all of that news below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.