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Meta’s Q1 Beats On Top, Bottom Line But High-Flying Stock Dips On Costs, Revenue Outlook
Facebook parent Meta had solid Q1 results but the stock dipped on spending as the company ramps up AI and lower that expected revenue forecasts.
What Meta calls “Family daily active people” or DAP, rose 7% to 3.24 billion for the three months ended in March. The company’s numbers hit the same day that President Biden signed into a law legislation that will make life difficult for giant rival TikTok, whose Chinese parent has about nine months to divest the social media network or potentially see it banned from U.S. app stores. This is shaping up to be a massive legal battle with potential good news for rivals like Meta’s Reels.
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