Facebook parent Meta beats daily active users estimates

Reuters Facebook parent Meta Platforms Inc on Wednesday reported quarterly daily active users above Wall Street estimates, even as it recorded its slowest revenue growth in a decade.

Shares of the company rose 7 in extended trading. Meta has lost about half of its value since the start of the year.

Daily active users, a key metric for advertisers that indicates activity on the platform, were 1.96 billion, slightly higher that the estimate of 1.95 billion, according to IBES data from Refinitiv.

Meta forecast secondquarter revenue between 28 billion and 30 billion. Analysts on average were expecting currentquarter revenue of 30.63 billion.

Total revenue, the bulk of which comes from ad sales, rose 7 to 27.91 billion in the first quarter, but missed analysts estimates of 28.20 billion, according to IBES data from Refinitiv.