Meta Platforms Stock Rises 17% Premarket on 1Q Results

By Will Feuer

Shares of Meta Platforms Inc. jumped nearly 17% in premarket trading, paring some of its earlier giants after the social-media giant reported first-quarter results.

The stock was as much as 17.5% higher earlier Thursday morning. It recently traded 16.6% higher at $204.04 a share.

The move comes after the company said it added more users than expected but posted its slowest revenue growth since going public a decade ago.

The company also lowered its 2022 spending guidance to between $87 billion and $92 billion, down from its previous estimate of $90 billion to $95 billion. Meta, the parent company of Facebook and Instagram, is spending heavily as it seeks to build out the so-called metaverse.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

April 28, 2022 06:51 ET (10:51 GMT)

Meta Platforms (NASDAQ:META)
Historical Stock Chart
From Mar 2024 to Apr 2024