Facebook parent Meta's first quarter profit jumped past Wall Street expectations, earning $7.47 billion in the January-March period. It cut a sharp contrast with Google parent Alphabet, which reported what analysts called disappointing earnings.
CEO Mark Zuckerberg said in a conference call with analysts that the revenue acceleration Meta saw during the pandemic has now tapered off and the company will now “slow the pace of some of our investments” so it can continue to grow profits. This mainly refers to Meta’s Reality Labs segment, which encompasses its futuristic “metaverse” project.
Revenue rose 7% to $27.91 billion from $26.17 billion — the slowest growth rate in a decade for the online advertising powerhouse that generally reports sales growth in the double digits. “Meta’s ad business continues to face some very real challenges,” said Jasmine Enberg, an analyst at Insider Intelligence. Facebook, of course, is no stranger to obstacles, but the iOS changes are the first direct threat to its ad business.”
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