(Meta) Shares of Meta’s Facebook rose more than 17% on Thursday after reporting 2.94 billion monthly active users in the first quarter of 2022, up 3% from the prior year.
The social media giant reported 1.96 billion daily active users, representing an increase of 4% from the prior year.
Facebook said that its daily active people rose 6% year-over-year to 2.87 billion. The monthly active users also rose by 6% to 3.64 billion.
The company’s ad impressions and per ad rose by 15% from the prior year, although the average price per ad was down by 8%.
The growth in Facebook subscribers underlined a strong quarter, demonstrated by a total revenue of $27.91 billion in the first quarter, up 7% from the prior year.
Meta’s net income still went lower to $7.465 billion, compared to $9.497 billion in the prior year. Earnings per share was $2.72, down 18%.
Meta said it repurchased $9.39 billion worth of its common stock in the quarter and had $29.41 billion authorized for additional buybacks as of March 31.
Meta projects that its revenue will rise to $28 billion to $30 billion in the second quarter. Total expenses in the quarter are expected to fall to $87 billion to $92 billion, compared to previous guidance of $90 billion to $95 billion.
FB: NASDAQ is up +17.89% on premarket
