Facebook parent records slowest revenue growth in a decade

Facebook parent Meta Platforms on Wednesday reported quarterly daily active users above Wall Street estimates, even as it recorded its slowest revenue growth in a decade.

Shares of the company rose 13 per cent in extended trading. Meta has lost about half of its value since the start of the year, after a dismal February earnings when it reported a decline in Facebook’s daily active users for the first time and forecast a gloomy quarter, blaming factors including Apple’s privacy changes and increased competition from platforms like ByteDance’s TikTok.

Daily active users, a key metric for advertisers that indicates activity on the platform, were 1.96 billion, slightly higher that the estimate of 1.95 billion, according to IBES data from Refinitiv.

Meta forecast second-quarter revenue between $28 billion (€26.5 billion) and $30 billion. Analysts on average were expecting current-quarter revenue of $30.63 billion.

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Total revenue, the bulk of which comes from ad sales, rose 7 per cent to $27.91 billion in the first quarter, but missed analysts’ estimates of $28.20 billion, according to IBES data from Refinitiv. - Reuters