Meta, parent of Instagram and Facebook, beats revenue expectations

Meta Platforms Inc. reports strong first-quarter results, surpassing expectations with significant earnings growth, but the stock slipped in after-hours trading.

The company earned $26.8 billion, or $10.44 per share, from January to March, up 61% from last year.

Revenue rose 33% to $56.3 billion.

Analysts had expected earnings of $6.67 per share on $55.6 billion in revenue.

CEO Mark Zuckerberg highlighted strong momentum and the release of a new model from Meta Superintelligence Labs.

Meta raises its capital expenditures forecast for the year, citing higher component pricing and data center costs.

The company plans to lay off about 8,000 workers to boost efficiency.