Meta reported better-than-expected first-quarter revenue and provided optimistic guidance for the current quarter. The social media giant reported earnings of $2.20 per share, with revenue of $28.65 billion, compared to analyst estimates of $27.65 billion. Meta's daily active users and monthly active users also exceeded expectations of $2.04 billion and $2.99 billion, respectively. Meta's stock has been on an upward trend since CEO Mark Zuckerberg announced that 2023 was the "year of efficiency," resulting in expected job cuts. Reality Labs, Meta's business that develops virtual and augmented reality technologies, is still hemorrhaging money. The metaverse unit brought in $339 million in sales but logged an operating loss of $3.99 billion.
