Meta’s revenue up by 27% in Q1

The profit was driven by increased advertising revenue and a 6 % rise in average ad prices on its platforms, says the company.

Meta’s Q1 results reported a significant surge more than doubling numbers. The company doubled its profit for the January-March period, with earnings reaching $12.37 billion, or $4.71 per share, up from $5.71 billion, or $2.20 per share, in the same period last year. Additionally, the revenue saw a 27 % rise to reach $36.46 billion, as compared to $28.65 billion the year ago.

Meta’s ad revenue reached $ 35,365 million compared to $ 28,101 million in the same quarter last year. The company reported a 6 % rise in average ad prices on its platforms.

Meta also reported a 7 % year-on-year increase in the number of users across its apps, with an average of 3.24 billion users in March across its family of apps - Facebook, Instagram, Messenger and WhatsApp. The company also said that it will no longer disclose user figures specifically for Facebook.

Mark Zuckerberg, Meta founder and CEO, says, "It's been a good start to the year.” The new version of Meta AI with Llama 3 is another step towards building the world's leading AI. We're seeing healthy growth across our apps and we continue making steady progress building the metaverse as well.”

The company further revealed that it will increase its capital expenses primarily due to investments in AI. The company further forecasts expenses in the range of $35-40 billion, compared to its earlier guidance of $30-37 billion.