In further earnings week news, Meta (FB) stepped up and delivered its numbers. Its profits for the first quarter were $7.5b, down 21% year-on-year. Revenue rose 7% to $27.9b, the slowest growth rate since the company went public a decade ago — but, hey, it's still up! Its target expense range for 2022 was lowered by $3b. Meta shares, however, surged 18% in after-hours trading despite having one of its worst quarters on record.
Head honcho, Mark Zuckerberg did announce a slowing down of their investments after going full pelt at some of their projects. The Reality Labs division of Meta, which makes the Quest VR headset and future AR glasses, has about 17,000 employees and lost almost $3b last quarter alone.
Elsewhere, Pinterest (PINS) saw its share price jump by more than 6% after announcing its earnings for the quarter. Q1 revenue grew 18% year-on-year to $575m, beating out analyst expectations. The platform did, however, see a decrease in monthly active users with numbers dipping by 9% to 433 million. Pinterest said it expects second-quarter revenue to grow about 11% year-on-year.