Meta beats revenue expectations and boosts capital spending forecast for 2026 – AP News

Updated [hour]:[minute] [AMPM] [timezone], [monthFull] [day], [year]   Instagram and Facebook parent Meta Platforms Inc. posted results Wednesday for the first quarter that exceeded expectations, showing growth in earnings, but the social media giant also increased its forecasted capital expenditures for the year. The company earned $26.77 billion, or $10.44 per share, in the January-March period, up about 61% from $16.64 billion, or $6.43 per share, in the same period a year earlier. Revenue rose 33% from last year to $56.31 billion. Meta was expected to earn $6.67 per share on revenue of $55.6 billion, per the estimates of analysts surveyed by FactSet Research. “We had a milestone quarter with strong momentum across our apps and the release of our first model from Meta Superintelligence Labs,” CEO Mark Zuckerberg said in a statement. “We’re on track to deliver personal superintelligence to billions of people.” About 3.56 billion people used at least one of Meta’s apps on a daily basis in March, which declined slightly from December. That decline is due to internet disruptions in Iran and the restriction on access to WhatsApp in Russia, company leaders said in a post-earnings call. Meta expects total revenue for the second and current
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