Here’s why Meta stock is surging 13% despite underwhelming quarterly results: by skleb1234
Meta was up 13% on Thursday morning to around $197 per share, as investors cheered the company’s increase in daily active users in the first quarter, from 1.93 billion to 1.96 billion.for the first time in the company’s history during the fourth quarter of 2021, bounced back and topped analyst expectations in the first quarter.lackluster revenue , with sales growing just 7% from a year ago—its first time as a public company that revenue only grew in single digits.
Total costs and expenses of $19.4 billion, meanwhile, surged 31% from last year in a dramatic increase—but the company forecasts lower expenses for the full year, reducing its spending estimate by roughly $3 billion. The company projects revenue for the second quarter to come in between $28 billion and $30 billion, which falls short of the $30.7 billion forecast by Wall Street analysts—though Meta blamed part of the weaker guidance on the war in Ukraine and lost subscribers in Russia.
Before the stock’s rally on Thursday, Meta shares were down nearly 50% so far in 2022, hard-hit by the wider sell-off in tech shares that has gone on this year as investors worry about aggressive interest rate hikes from the Federal Reserve.
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