Facebook parent Meta jumps 13% as Q1 profits, daily users top views
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Facebook parent Meta Platforms (NASDAQ:FB) has jumped 13.3% after hours following its first-quarter earnings, likely triggering some relief with profits and daily user numbers that came in ahead of expectations though revenue fell short.
Revenues rose 7% to $27.9 billion, while analysts (even after a number of downward revisions) had forecast 7.8% growth to $28.2 billion.
Net income declined just 21% vs. expectations for a 24% drop, though.
In operating metrics, daily active users rose 4% to 1.96 billion, topping expectations there, while monthly active users rose 3% to a generally in-line 2.94 billion.
Family daily active people - the metric that looks across Meta's family of apps, including Instagram and WhatsApp - rose 6% to 2.87 billion on average for March, while family monthly active people also rose 6%, to 3.64 billion.
Ad impressions delivered across the "Family of Apps" (Facebook, Messenger, Instagram, WhatsApp) rose by 15% year-over-year, and the average price per ad fell by 8% in that span.
Zuckerberg speaks: "We made progress this quarter across a number of key company priorities and we remain confident in the long-term opportunities and growth that our product roadmap will unlock," said CEO Mark Zuckerberg.
Earlier, a flash slide in Meta's stock happened when an erroneous headline moved on Bloomberg terminals saying the company had guided Q2 revenues to $27 billion-$29 billion (that actually was its guidance for Q1, issued with fourth-quarter earnings).
It's actually guiding to Q2 revenues of $28 billion-$30 billion, still a bit shy of consensus for $30.69 billion. That's due to a "continuation of the trends impacting revenue growth in the first quarter, including softness in the back half of the first quarter that coincided with the war in Ukraine," as well as expectations that currency changes would provide a 3% headwind.
The company sees 2022 total expenses in the range of $87 billion-$92 billion, down from a prior outlook for $90 billion-$95 billion, with expenses driven mainly by Family of Apps rather than Reality Labs. And 2022 capital expenditures are forecast for $29 billion-$34 billion (unchanged).
Liquidity was $43.89 billion as of quarter-end.
Conference call at 5 p.m. ET. Now available -- the transcript and audio of Meta's earnings call. 
Updated 5:02 p.m.: With the start of its conference call, Meta has released its earnings presentation.