Facebook shares spike on better-than-expected quarterly earnings

Mark Zuckerberg told the world last October that he was rebranding Facebook to Meta as the company pushes toward the metaverse.

Meta's shares jumped in after hours trading on Wednesday after the company reported better than expected earnings.

The results are here.

• Earnings per share: $2.72 vs $2.56 expected, according to a Refinitiv survey of analysts
• Revenue: $27.91 billion vs $28.2 billion expected, according to Refinitiv

The Meta report has other key numbers that Wall Street is watching.

• Daily Active Users (DAUs): 1.96 billion vs 1.95 billion expected, according to StreetAccount
• Monthly Active Users (MAUs): 2.94 billion vs 2.97 billion expected, according to StreetAccount
• Average Revenue per User (ARPU): $9.50 expected, according to StreetAccount

After hours, the stock was up 13%.

After reporting its first ever decline in users on record last quarter, Meta reported daily active users on Facebook that beat analyst estimates. In the first quarter of the year, the number of dollars grew to 1.96 billion, up from 1.93 billion in the fourth quarter.

The company's monthly active users fell below expectations at 2.97 billion.

For the second quarter, Facebook predicted revenue of between $28 billion and $30 billion, which was below the $30.6 billion estimate of analysts. The company said the guidance reflected continued trends from the first quarter, including soft revenue growth.

In the first quarter of its 10-year history as a public company, revenue grew for the first time in a decade.

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Billions of dollars are being spent on the metaverse.