Meta Platforms' (META) first quarter results beat Street estimates on both the top and bottom line, with guidance that was rosier than expected. Meta's "year of efficiency" led to lower expenses and headcount, with the company saying it has "substantially completed" the layoffs announced in 2022.
In a call with analysts after the earnings release, CEO Mark Zuckerberg stressed the importance of A.I. to the company, but made it clear the metaverse is still a priority. "We've been focusing on both A.I. and the metaverse for years now and we will continue to focus on both," Zuckerberg said. He also highlighted the performance of Instagram Reels, saying users are re-sharing reels more than two billion times every day.
Yahoo Finance's Brad Smith, Diane King Hall, and Dan Howley were listening to the call. Among their key takeaways: Reels are the real deal, Meta's not giving up on the metaverse, Zuckerberg sounded "happy," and that executives teased enough developments in generative A.I. to sate investors and analysts.
Key video moments:
00:30 Meta stock check
01:28 Key takeaways
03:30 What was said about Reels
05:20 Zuckerberg on the metaverse
06:58 What was said about layoffs
07:44 Vibe checks
09:56 What social media is saying about the call
