Meta shares soar despite a decidedly mixed quarter report

The Facebook parent company is continuing a major rebrand of its products and focusing more heavily on the metaverse

Meta made a cautious recovery on Wednesday with its first earnings report since a disastrous fourth quarter, sending shares up 13% in after-hours trading.

The company's reported total revenue for the quarter was $27.91bn, missing analysts' estimates of $28.20bn, according to IBES data from Refinitiv. Wednesday's earnings are Meta's first since a dramatic report in February, when Meta lost a record $230bn in market value after revealing that Facebook had recorded its first-ever drop in daily user numbers.