Meta beats revenue expectations, boosts capital spending forecast for 2026
Meta Platforms Inc. reported Q1 earnings exceeding expectations with $26.77 billion in earnings and $56.31 billion in revenue, but increased its forecasted capital expenditures for the year to $125-145 billion. The company's stock price fell over 6% in extended trading after the results were released.
Meta Platforms Inc. reported first-quarter earnings of $26.77 billion, or $10.44 per share, up 61% from the same period last year. Revenue rose 33% to $56.31 billion, beating analyst expectations. The company expects total revenue for the second quarter to be between $58 billion and $61 billion. Meta increased its projected capital expenditures for the year to $125-145 billion, citing higher component pricing and data centre costs. The company ended March with nearly 78,000 workers, up 1% year over year, and is investing heavily in artificial intelligence infrastructure.
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