Facebook shares spike on better-than-expected quarterly earnings

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

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

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

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

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

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

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

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

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.