(MENAFN) Meta, formerly known as Facebook, disclosed its first-quarter financial results, surpassing expectations and showcasing a strong performance. The company reported earnings per share of approximately USD4.71, exceeding the anticipated figure of USD4.32, as reported by the London Stock Exchange Group (LSEG). Revenues for the quarter amounted to USD36.46 billion, slightly surpassing analysts' expectations of USD36.16 billion, as per data provided by LSEG.
Furthermore, Meta provided optimistic guidance for the second quarter, projecting sales to fall within the range of USD36.5 billion to USD39 billion. This forecast exceeded analysts' expectations, which had estimated second-quarter sales to be around USD38.2 billion. Despite the positive outlook for revenue, Meta also revised its cost forecasts for the year, anticipating capital expenditures to range between USD35 billion and USD40 billion. This adjustment reflects an increase from the company's earlier estimates, which had projected expenses related to servers, artificial intelligence devices, and data centers to be approximately USD30 billion to USD37 billion.
The improved financial performance of Meta in recent quarters has heightened investor expectations, leaving little margin for error. As the company continues to navigate evolving market dynamics and invest in its infrastructure and technology, stakeholders closely monitor its financial results and strategic initiatives. Meta's ability to sustain its growth trajectory and effectively manage its costs will play a crucial role in shaping investor sentiment and its long-term prospects in the technology sector.
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