Parent Company Facebook Makes Billions in Profit in the First Quarter

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Meta, the parent company of Facebook, made a net profit of $7.47 billion in the first quarter of this year. The company announced this on Wednesday.

 

Net profit is 21 percent lower than in the first quarter of 2021. Still, the figures are better than expected. Analysts had feared that the war in Ukraine, inflation and difficulties with regulators would weigh more heavily on the result.

Meta posted nearly $28 billion in sales, 7 percent more than a year ago.

Facebook also sees user numbers continue to grow. A total of 1.96 billion users log in to social networking site every day.

After the announcement of the results, the share in after-hours trading rose by 12 percent.

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