Meta updates investors for the first time since its brutal fourth-quarter earnings report in February, which sent the stock down 26%, its worst day ever. 

Wednesday's after-hours rally still leaves the stock down for the year.  As of close, the shares lost almost half their value in 2022. 

 In addition to earnings figures, Facebook also exceeded expectations for average revenue per user.  But nearly every other major metric, including monthly active users, was a miss. 

 Revenue grew 7% in the quarter, the first time in Facebook's 10-year history as a public company that grew in single digits. 

For the second quarter, Facebook forecast revenue of $28 billion to $30 billion, beating the $30.6 billion estimate from analysts surveyed by Refinitiv. 

Facebook changed its name to Meta in October, reflecting CEO Mark Zuckerberg's effort to push the company toward a future of working, playing and studying in the virtual worl

Facebook lowered its overall spending guidance for 2022 to between $87 billion and $92 billion, down from earlier estimates of $90 billion to $95 billion. 

CFO Dave Weiner said that due to the loss of users in Russia, where the country's media regulator has restricted its services, 

Digital advertising may also be affected by inflation and recent privacy changes on Apple's iPhone operating system, 

Meta is also expected to face a tough regulatory environment, with Europe coming to an agreement on the Digital Markets Act,

FB stock

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