Meta Shares Drop 7% Despite Revenue Beat as Costs Surge

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2026-04-30 15:01:02

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Meta Platforms Inc. shares tumbled 7% in extended trading even after reporting first-quarter revenue that surpassed analysts' estimates. The social media giant posted $56.31 billion in sales, exceeding the $55.45 billion consensus, while earnings per share reached $7.32 on an adjusted basis.

Operating costs jumped 35% year-over-year to $33.44 billion, outpacing revenue growth of 33%. The company maintained a 41% operating margin despite the spending surge, with CEO Mark Zuckerberg highlighting "strong momentum across our apps" and progress in AI development.

A $5.02 billion income tax benefit helped boost net income 61% to $26.77 billion. The negative 23% effective tax rate contrasted sharply with the 9% rate from the prior year period.

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