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 a🍌nd 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开奖号码历史查询: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开奖号码历史查询: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开奖号码历史查询:slashing 21,000 jobs since November.

Zuckerberg joined Microsoft earlier this week in promoting the success of its reach into 澳洲幸运5开奖号码历史查询:artificial intelligence (AI). He cited "the progress we’re making on our AI discovery engine" and Reels, Meta's social media video service, as🐼 major drivers of the company’s growth.

Metaverse Losses

However, Meta’s investment in the 澳洲幸运5开奖号码历史查询:metaverse continued to hemorrhage cash, with the ♋company’s Realit🐈y 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 of between $29.5 billion and $32 billion, exceeding estima💧tes.

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开奖号码历史查询:information technology sector over the same period.