$Meta Platforms (META.US)$ Q1 EPS $2.2 beats $1.996 estimate, Sales $28.645B beats $27.655B estimate.
Shares were initially up 9.6% in late trading.
For the March quarter, Meta is projecting revenue of between $26 billion and $28.5 billion, which at the midpoint would be down about 2.4% from a year ago. Street consensus estimates as tracked by FactSet call for $27.7 billion in revenue, with profit of $2.02 a share.
Other key data points to watch: operating income, which is projected to be $6.7 billion. That reflects an expected $10.3 billion profit from the Family of Apps segment, which includes the company’s social media offerings, and is offset by a projected loss of $3.9 billion from Reality Labs, its VR headset and metaverse businesses. Ad revenue is projected at $26.8 billion.
As for operating metrics, the Street sees 3 billion monthly active users, with just over 2 billion daily active users.
