US-based Meta Platforms has increased its net profit in the first quarter by 1.6 times and revenue by a third, while both figures beat market forecasts.
According to a company press release, net income in the January-March period was $26.77bn, or $10.44 per share, compared to $16.64bn, or $6.43 per share, in the same period a year earlier.
Meta’s quarterly revenue rose to $56.31 billion from $42.31 billion a year earlier.
Analysts polled by FactSet on average expected net income of $6.67 per share on revenue of $55.6bn.
The number of ad views on Meta’s apps rose 19%, while average ad rates rose 12%. Advertising revenue in the first quarter rose to $55.02bn from $41.39bn a year earlier.
The average number of daily active people (DAP) on the company’s services (Facebook, Instagram, Messenger and WhatsApp) was 3.56bn in March, up 4% year-on-year.
Meta expects its second quarter revenue to be in the range of $58-61bn (roughly in line with consensus).
Capex in 2026 is now expected to be in the range of $125bn to $145bn, rather than $115bn to $135bn as previously forecast. In 2025, they were $72.22bn.
Meta also said it could suffer “significant damages” from additional litigation planned for this year in the US.
The company did not buy back its own shares in the first quarter but paid out $1.35bn in dividends and dividend equivalents.
Meta shares fell 7 per cent in extra trading on Wednesday after the reports were published.