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Meta EPS Tops - Revenue Comes In Light

April 28, 2022-

Meta Platforms reported financial results for the quarter ended March 31, 2022. The firm had earnings per share of $2.72 with $2.56 expected. But, Meta reported revenue: $27.91 billion with $28.2 billion expected.

"We made progress this quarter across a number of key company priorities and we remain confident in the long-term opportunities and growth that our product roadmap will unlock," said Mark Zuckerberg, Meta founder and CEO. "More people use our services today than ever before, and I'm proud of how our products are serving people around the world."

CFO Outlook Commentary

We expect second quarter 2022 total revenue to be in the range of $28-30 billion. This outlook reflects a continuation of the trends impacting revenue growth in the first quarter, including softness in the back half of the first quarter that coincided with the war in Ukraine. Our guidance assumes foreign currency will be approximately a 3% headwind to year-over-year growth in the second quarter, based on current exchange rates.

In addition, as noted on previous calls, we continue to monitor developments regarding the viability of transatlantic data transfers and their potential impact on our European operations, and we are pleased with the progress on a political agreement.

We expect 2022 total expenses to be in the range of $87-92 billion, lowered from our prior outlook of $90-95 billion. We expect 2022 expense growth to be driven primarily by the Family of Apps segment, followed by Reality Labs.

We expect 2022 capital expenditures, including principal payments on finance leases, to be in the range of $29-34 billion, unchanged from our prior estimate.

Absent any changes to U.S. tax law, we expect our full-year 2022 tax rate to be above the first quarter rate and in the high teens.

First Quarter 2022 Operational and Other Financial Highlights

Family daily active people (DAP) DAP was 2.87 billion on average for March 2022, an increase of 6% year-over-year.

Family monthly active people (MAP) MAP was 3.64 billion as of March 31, 2022, an increase of 6% year-over-year.

Facebook daily active users (DAUs) DAUs were 1.96 billion on average for March 2022, an increase of 4% year-over-year.

Facebook monthly active users (MAUs) MAUs were 2.94 billion as of March 31, 2022, an increase of 3% year-over-year.

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