Meta's first-quarter revenue unexpectedly reverses three-quarter decline streak
$Meta Platforms (META.US)$ Meta Q1 FY23:
• Daily active people +5% Y/Y to 3.02B.
• Revenue +3 Y/Y to $28.6B ($1.0B beat).
• Revenue +6% Y/Y fx neutral.
• Operating margin 25% (-5pp Y/Y).
• FCF margin 24% (-6pp Y/Y).
• EPS $2.20 ($0.23 beat).
Q2 FY23 guidance:
• Revenue ~$30.8B (~$1.3B beat).
• Daily active people +5% Y/Y to 3.02B.
• Revenue +3 Y/Y to $28.6B ($1.0B beat).
• Revenue +6% Y/Y fx neutral.
• Operating margin 25% (-5pp Y/Y).
• FCF margin 24% (-6pp Y/Y).
• EPS $2.20 ($0.23 beat).
Q2 FY23 guidance:
• Revenue ~$30.8B (~$1.3B beat).
Earnings summary
1. AI drives business development and Zuckerberg supports a dual approach of AI and metaverse.
2. The Q1 revenue is higher than expected, with the high-end adjustment of yearly expenses by $3 billion and an increase in AI investment.
3. The cost of restructuring, including layoffs, will result in at least $3 billion of yearly expenses, with a 1% YoY decrease in Q1 total employees.
4. Advertising and App revenue increased, but metaverse revenue decreased. The $4 billion loss exceeded expectations, and is expected to worsen this year.
2. The Q1 revenue is higher than expected, with the high-end adjustment of yearly expenses by $3 billion and an increase in AI investment.
3. The cost of restructuring, including layoffs, will result in at least $3 billion of yearly expenses, with a 1% YoY decrease in Q1 total employees.
4. Advertising and App revenue increased, but metaverse revenue decreased. The $4 billion loss exceeded expectations, and is expected to worsen this year.
5. Facebook's daily active user count exceeded 2 billion, reaching a new high.
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