Facebook and Instagram’s owner company Meta reported its first quarter for the year yesterday and the company was punished in after-market trading on the US stock market with a decline of as much as 19 percent. This corresponds to 200 billion dollars of the entire company’s value, corresponding to around 2000 billion kroner.
It was the forecast ahead that was the big disappointment. Both in terms of results and turnover, the social media giant exceeded expectations.
Meta made earnings per share of $4.71 for the first quarter of 2024. Expected was $4.32 per share according to an estimate from S&P Global Market Intelligence. The turnover came in at 36.5 billion dollars. A turnover of 36.2 billion dollars was expected.
For the full year, Meta expects costs of $96-99 billion, higher than the previous forecast of $94-99 billion. In addition to this, Meta is also guiding for higher capital investments, even beyond 2024.
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