Facebook user growth spurs share price surge

Shares surged more than 19% in late trading after Facebook parent company Meta Platforms Inc reported 1.96 billion daily users for its flagship platform, a return to growth after the first-ever decline in the December quarter. Analysts had estimated 1.94 billion.

At the same time, changes to data-collection rules on Apple Inc’s iPhones have hindered Meta’s ability to serve users targeted ads. Last quarter, Meta executives said the privacy changes would reduce the company’s 2022 sales by $10 billion. Advertisers have also been spending less due to issues with supply chains, inflation and the ongoing war in Ukraine, Meta executives said.

Meanwhile, the company has said it’s spending billions and hiring thousands of workers to develop the platform, which Zuckerberg sees as the next major computing shift, into a fully immersive digital environment where users will interact virtually while they work, shop and play games. Meta said that in light of the revenue outlook, it is paring overall spending plans for the year, to $87 billion to $92 billion from a previous target of as much as $95 billion.

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