Company beats financial predictions but does not increase daily users as much as Wall Street thought it might
Meta’s blowout year continues after the company reported another stellar financial quarter on Wednesday. Shares fell in after-hours trading.
Wall Street analysts had high expectations for the Instagram and WhatsApp parent company, projecting an 18% jump in sales year over year. The company reported $40.6bn in sales, a 19% increase year over year that outpaced investor expectations of $40.19bn. Meta, which saw a 25% jump in its share price over the past two months, reported $6.03 in earnings per share (EPS), surpassing Wall Street’s expectations of an EPS of $5.29.
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