Meta posts better-than-expected revenue in Q1

>> AS YOU’RE REPORTING ALL THIS, THE STOCK HAS REVERSED COURSE AND IS TRADING UP 2% IN AFTER HOURS. >>> META EARNINGS ARE OUT. JULIA HAS THOSE NUMBERS. >> META IS SURGING I MENTIONED EARLIER THIS COMPANY WAS EXPECTED TO SHOW REVENUE THAT DECLINED BY 1%. INSTEAD IT GREW REVENUE BY 3%. THE COMPANY’S EARNINGS PER SHARE $2.20. IT’S UNCLEAR IF THAT’S COMPARABLE TO ESTIMATES. WE’RE CHECKING A COUPLE OTHER THINGS ABOUT THE OUTLOOK. THEY EXPECT THE 2023 TOTAL REVENUE TO BE IN THE RANGE OF 29.5 TO $32 BILLION. IT’S A RELATIVELY LARGE RANGE. THEY NARROW THE EXPENSE RANGE

NOW SAYING THEY EXPECT THE FULL YEAR TOTAL EXPENSES TO BE 86 TO 90 BILLION THE TOP END WAS 92 BILLION, BRINGING THAT DOWN ALSO SAYING THAT INCLUDES 3 TO $5 BILLION OF RESTRUCTURING COSTS. NOTABLY SINCE THERE’S SO MUCH ATTENTION TO THIS REALITY LABS DIVISION, THEY SAY WE CONTINUE TO EXPECT REALITY LABS OPERATING LOSSES TO DECREASE YEAR OVER YEAR IN 2023 IN TERMS OF DAILY ACTIVE USERS, THAT NUMBER CAME IN BETTER THAN ANTICIPATED. 2.04 BILLION DAILY ACTIVE USERS. ANALYSTS WERE LOOKING FOR 2.01 BILLION BETTER THAN EXPECTED USER GROWTH WE’LL DIVE INTO THIS AND LOOK AT SOME

OF THESE CHARGES AND THE LIKE THE STOCK IS UP OVER 9%. BACK TO YOU GUYS >> BIG MOVE AFTER HOURS FOR META ADAM, WANT TO BRING YOU BACK IN AND GET YOUR REACTION TO META AND HOW IT SPEAKS TO

THIS BROADER CONVERSATION WE KICKED OFF THE HOUR WITH, THE FOCUS ON MARGINS, THE FOCUS ON COST CUTS, THAT NARROWING EXPENSE RANGE TO 86 TO $90 BILLION GETTING ATTENTION. >> ABSOLUTELY. FOR THESE BIG TECH COMPANIES THEY TOOK ON SO MUCH INCREMENTAL EXPENSE DURING THE PANDEMIC. THERE’S SO MUCH FAT THAT CAN BE CUT OUT. THAT’S FOR CORPORATE AMERICA

IN GENERAL, BUT ESPECIALLY THE TECH GIANTS THIS IS THE THIRD OR FOURTH TIME META HAS CUT THE OPERATING EXPENSE GUIDANCE FOR 2023 AND ON TOP OF THAT YOU’RE OUTPERFORMING ON REVENUE THAT’S SOMETHING GOOGLE SAID LAST NIGHT ABOUT HOW THEY’RE SEEING STABILIZATION IN ADVERTISING. IF YOU START TO SEE REVENUE WORK ALONGSIDE THE EXPERINSE PROGRES THAT’S A POWER