Meta Platforms (META) is the best-performing stock in the S&P 500 as the social media giant beat quarterly estimates in almost every key financial 🃏metric and gave strong guidance.

The parent company of Facebook, Instagram, and WhatsApp reported first quarter revenue rose 2.6% to $28.6 billion. Analysts had been anticipating a decline. 澳洲幸运5官方开奖结果体彩网:Earnings per share (EPS) of $2.20 also beat forecasts. Daily Active Users (DAU) and Average Revenue Per User (ARPU) were also better than expected.

CEO 澳洲幸运5官方开奖结果体彩网:Mark Zuckerberg said the company is "becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver our long-term vision." In January, Zuckerberg called 2023 the "Year of Efficiency," and Meta moved to cut costs, including 澳洲幸运5官方开奖结果体彩网:slashing 21,000 jobs since Novemꦐber.

Zuckerberg joined Microsoft earlier this week in promoting the success of its reach into 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI). He cited "the progress we’re making on our AI discovery engine" and Reels, Meta'💞s social media video service, aꦗs major drivers of the company’s growth.

Metaverse Losses

However, Meta’s investment in the 澳洲幸运5官方开奖结果体彩网:metaverse continued to ⭕hemorrhage cash, with the company’s R𒅌eality Labs unit posting an operating loss of $3.99 billion in the period. The company expects Reality Labs’ losses to increase this year.  

Meta noted it sees current quarter sales ꦗof between $29.5 billion and $32 billion, 🧜exceeding estimates.

Shares of Meta Platforms are soaring 14% as of 1 p.m. New York time. They’ve almost doubled so far this year, far outpacing a 20% gain in the broader S&P 500 澳洲幸运5官方开奖结果体彩网:information technology sector over the same period.