Lates News

Meta Platforms (META.O) reported that its revenue for the first quarter reached $42 billion and stated that it will maintain stable growth in the coming months, dispelling concerns that Trump's tariffs would harm its global digital advertising business. The social media giant said its first-quarter revenue grew by 16%, exceeding analysts' expectations. Meta had previously expected the company's current quarter revenue to increase by 8% to 16% year-on-year, pushing its stock price up more than 6% in after-hours trading. In addition, the company's first-quarter net profit was $16.6 billion. Meta also announced a $1 billion reduction in its full-year spending outlook. However, Meta's metaverse business division, Reality Labs, recorded an operational loss of $4.2 billion and revenue of $412 million. Reality Labs has accumulated losses of over $6 billion since the end of 2020.