July 1, 2022

What you need to know

  • Meta stocks rose in after-market trading despite lower-than-expected revenue of $27.9 billion.
  • Reality Labs lost nearly $3 billion this quarter developing future projects like Project Cambria and Nazare.
  • During the Meta earnings call, CEO Mark Zuckerberg attributed revenue decreases to the Russian ban and war in Ukraine.
  • Daily and monthly active users on Facebook and Meta Family of apps rose slightly, calming investor fears.

Meta fell just short of economists’ revenue expectations but managed to grow its app family audience enough that investors were mollified, leading to a 19% stock boost.

According to a Refinitiv survey cited by CNBC, Meta revenue hit $27.91 billion vs $28.2 billion expected, while daily active users (1.96 billion) just barely beat the expectation of 1.95 billion.