Meta Platforms, Inc. Profit Drops In Q1, but beats estimates

(RTTNews) - Meta Platforms, Inc. (META) revealed earnings for first quarter that decreased from the same period last year but beat the Street estimates.

The company's bottom line came in at $5.71 billion, or $2.20 per share. This compares with $7.47 billion, or $2.72 per share, in last year's first quarter.

Analysts on average had expected the company to earn $2.03 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 2.7% to $28.65 billion from $27.91 billion last year.

Meta Platforms, Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $5.71 Bln. vs. $7.47 Bln. last year. -EPS (Q1): $2.20 vs. $2.72 last year. -Analyst Estimates: $2.03 -Revenue (Q1): $28.65 Bln vs. $27.91 Bln last year.