- Meta reported $56.31 billion in first quarter sales, up 33% annually, outpacing the $55.45 billion analysts projected.
- The tech company’s earnings excluding a tax credit would’ve been $7.31 a share, above analyst expectations of $6.66
- “We had a milestone quarter with strong momentum across our apps and the release of our first model from Meta Superintelligence Labs,” Mark Zuckerberg, Meta founder and CEO, said.
Despite a strong performance in its first quarter earnings, Meta still plans to layoff 10% of its work force in less than a month to fund expansive AI initiatives.
Meta reported $56.31 billion in first quarter revenue, up 33% annually, outpacing the $55.45 billion analysts had projected. Net income for the tech company was $26.77 billion, up 61% year-over-year.
“We had a milestone quarter with strong momentum across our apps and the release of our first model from Meta Superintelligence Labs,” said Mark Zuckerberg, Meta founder and CEO. “We’re on track to deliver personal superintelligence to billions of people.”
However, the company’s shares were down 5% in after-hours trading. The company reported an EPS rate of $10.44, but excluding the tax credit from Trump’s One Big Beautiful Bill Act, the adjusted EPS is $7.31 a share, still above analyst expectations of $6.66.
Meta’s total employment was 77,986 as of March 31, an increase of 1% year-over-year. This number does not take into account impending layoffs set for May.
The tech giant announced last week they would cut 10% of its staff as the company prioritizes AI initiatives to improve efficiency. The cuts will start May 20 and will affect roughly 8,000 workers and will no longer hire for 6,000 open roles.
