Facebook parent Meta beats daily active users estimates

Daily active users, a key metric for advertisers that indicates activity on the platform, were 1.96 billion, slightly higher that the estimate of 1.95 billion, according to IBES data from Refinitiv. Meta forecast second-quarter revenue between $28 billion and $30 billion.

Facebook parent Meta Platforms Inc on Wednesday reported quarterly daily active users above Wall Street estimates, even as it recorded its slowest revenue growth in a decade.

Shares of the company rose 7% in extended trading. Meta has lost about half of its value since the start of the year. Daily active users, a key metric for advertisers that indicates activity on the platform, were 1.96 billion, slightly higher that the estimate of 1.95 billion, according to IBES data from Refinitiv.

Meta forecast second-quarter revenue between $28 billion and $30 billion. Analysts on average were expecting current-quarter revenue of $30.63 billion. Total revenue, the bulk of which comes from ad sales, rose 7% to $27.91 billion in the first quarter, but missed analysts' estimates of $28.20 billion, according to IBES data from Refinitiv.