Facebook shares spike on better-than-expected quarterly earnings

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Meta’s earnings per share for the first quarter topped analysts’ estimates.

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Revenue came in below expectations, as did the company’s forecast for the second quarter.

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As of Wednesday’s close, the stock was down almost 50% for the year.

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Earnings per share: $2.72 vs $2.56 expected, according to a Refinitiv survey of analysts

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Revenue: $27.91 billion vs $28.2 billion expected, according to Refinitiv

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Daily Active Users (DAUs): 1.96 billion vs 1.95 billion expected, according to StreetAccount

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Monthly Active Users (MAUs): 2.94 billion vs 2.97 billion expected, according to StreetAccount

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Average Revenue per User (ARPU): $9.54 vs. $9.50 expected, according to StreetAccount

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Meta updated investors for the first time since a brutal fourth-quarter earnings report in February sent the stock down 26%, its worst day ever.

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