On Wednesday, Meta Platforms Inc (NASDAQ: META) topped Wall Street estimates with its first quarter results. But, stock plunged 16% due to a light revenue guidance that overshadowed the fact its revenue grew at a fastest quarterly rate since 2021 and net income more than doubled. Like Apple Inc (NASDAQ: AAPL), Meta didn’t talk much about AI, until now. During the earnings call, Meta CEO Mark Zuckerberg detailed the company’s AI roadmap, hinting at a shift from chatbots to AI agents, highlighting confidence in the company’s leadership on the AI front.
First Quarter Highlights
For the first three months of the year, Meta reported revenue expanded 27% YoY to $36.46 billion, surpassing LSEG’s estimate of $36.16. Net income more than doubled to $12.37 billion or $4.71 per share, surpassing LSEG’s estimate of $4.32 as the Facebook-parent successfully lowered its sales and marketing costs by 16% compared to last year’s comparable quarter.
As for its userbase metric, Meta revealed there were ...