Above analysts’ and investors’ expectations, first quarter financial results Metaits parent company facebookaccording to moneyreview.gr. Meanwhile, Meta’s share price surged 15% following the announcement and a surprise surge in digital advertising sales, giving the company time to invest in high-stakes innovations like artificial intelligence and augmented reality, Bloomberg reports. It is no coincidence that Meta announced that the number of monthly Facebook users worldwide has reached 3 billion. “Our work with artificial intelligence is delivering good results in our apps and in our business,” said Meta CEO and founder of Facebook. Mark Zuckerberg. “We are also becoming more efficient so we can build better products faster and be better positioned to deliver on our long-term vision.”

Specifically, the Meta platform posted a profit of $5.71 billion, or $2.20 per share, for the January to March period. They fell 19% from $7.47 billion, or $2.72 a share, a year earlier. Revenue rose 3% to $28.65 billion from $27.91 billion. Analysts, on average, expected earnings of $2.02 per share on revenue of $27.67 billion. Meanwhile, it also faces a fine and a ban on using insecure contractual clauses to support transatlantic data transfers as a legal dispute escalates that recently forced the social media giant to threaten to leave the European Union entirely. At this stage, the Irish Data Protection Commission, the main oversight body for privacy protection in the EU. and Facebook’s head of Meta will announce the decision next month, the company said. The Irish decision comes amid a legal vacuum for thousands of companies since 2020, when the EU’s highest court overturned an EU-US deal for such data flows over fears of spying on EU user data.