Instagram and Facebook parent Meta Platforms Inc. posted results Wednesday for the first quarter that exceeded expectations, showing growth in earnings, but the social media giant also increased its forecasted capital expenditures for the year.
The company earned $26.77 billion, or $10.44 per share, in the January-March period, up about 61% from $16.64 billion, or $6.43 per share, in the same period a year earlier. Revenue rose 33% from last year to $56.31 billion. Meta was expected to earn $6.67 per share on revenue of $55.6 billion, per the estimates of analysts surveyed by FactSet Research.
