Meta Shares Shoot Up On Positive Earning

Meta shares soars after company reports first revenue growth after three straight periods of declines 

The company's shares jumped by 12% during extended trading Wednesday. The company also exceeded its expectations for the second-quarter forecast.

Meta's sales in the first quarter rose by 3% compared to $27.91 billion a year ago, following three consecutive periods of revenue decline.

According to Refinitiv, Facebook parent Meta is expecting revenue between $29.5 billion and $32 billion for the second quarter. 

Meta's Reality Labs unit, logged $339 million in sales and operating loss of $3.99 billion while developing the virtual reality and augmented reality technologies for the metaverse.

The net income of the entire company fell by 24%, to $5.71 Billion, or $2.20 per share, compared with $7.47 Billion, or $2.72 per share, during the same quarter in last year. 

Meta stated that the total expenditures for 2023 would be between $86 billion and $90 billion. This figure includes restructuring costs ranging between $3 billion and $5 billion.