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Meta Q1 Revenue Jumps 27% and Profit Doubles to $12.4 Billion, Stock Falls on Weak Sales Outlook and AI Spending Forecast
Meta punched in huge sales growth for Q1 2024 and net income doubled, but the stock fell on weaker-than-expected Q2 revenue forecast.
Analysts on average had expected Meta’s Q1 revenue to hit $36.16 billion with earnings per share of $4.32, according to data provider LSEG. For Q1, Meta’s Reality Labs division, which houses the Quest AR/VR headset and metaverse initiatives, continued to drag on overall earnings. Meta laid off around 21,000 workers from the end of 2022 into the first half of 2023, and Zuckerberg told analysts the company’s hiring going forward would be comparatively minimal.
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