Facebook parent Meta posted its slowest revenue growth since going public, but its share price jumped as profits held up better than expected in the face of several headwinds, including the fallout from Russia’s invasion of Ukraine.
The company booked $7.5bn profit in the January-March quarter, down 21 per cent on the same period last year but above Wall Street’s expectations of about $7.1bn, according to data from S&P Capital IQ.
Revenue came in at $27.9bn, up just 7 per cent on last year, despite continued pressures from Russia’s invasion of Ukraine, increased competition and Apple’s privacy change that have weighed on social media platforms. That was short of analysts’ already damped expectations.
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