Meta announced its total revenue and net profit in the first quarter of 2022 today. Although the company showed a negative picture in both income and profit, investors flocked to Meta shares.
Meta, the umbrella company of Facebook, Instagram and WhatsApp, published its financial report for the period of January – March 2022 today. In the shared report, positive news such as the increase in the number of users of Facebook and the income of the last 3 months compared to the previous year were given, but the bad news was given in the rate of increase in income.
Meta announced that it generated total revenue of $27.9 billion in the first quarter of 2022, an increase of 6.6% compared to the same period of the previous year. With this growth rate, the company reported its slowest revenue growth since it went public in 2012. Meta’s net profit was also not very encouraging. The company’s net profit decreased by 21% year on year to $7.5 billion. Net profit in the first quarter of 2021 was $9.5 billion.
Increase in the number of Facebook users
On the other hand, Meta reported that the number of daily and monthly active users of the social media platform Facebook has increased. Accordingly, the number of daily active users of Facebook increased by 4% on an annual basis in the January-March period, reaching 1.96 billion. The number of monthly active users increased by 3% to 2.94 billion.
Although Meta announced its lowest growth rate since 2012 and announced a 21% decrease in net profit compared to 1 year ago, Meta’s value increased after the report. Meta shares, which were at the level of 175 dollars before the announcement, exceeded 200 dollars with the announcement and started to circulate at the level of 207 dollars. Share value rose close to 20%.