Meta Platforms: EPS sees 19% decline in 1st quarter
(CercleFinance.com) - Meta Platforms, the operator of Facebook, Instagram, Messenger and WhatsApp, on Wednesday evening unveiled net profits in decline 24% to 5.
71 billion dollars for the first quarter of 2023, or 2.20 dollars per share (-19%).
The social media giant explains this downturn by a 10% increase in its costs and expenses, to 21.4 billion dollars, compounded by its restructuring efforts, which represented an overall charge of 1.14 billion for the period.
Its revenue rose 3% to more than 28.6 billion dollars, penalised by currency exchange effects, without which it would have seen a 6% rise, whilst the daily average number of users increased 5% over one year to reach 3.02 billion in March.
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