Meta rides AI boom to stellar quarterly earnings, but slightly less than expected

Company beats financial predictions but does not increase daily users as much as Wall Street thought it might

Meta's blowout year continues after the company reported another stellar financial quarter on Wednesday. But shares fell in after-hours trading after the company missed Wall Street expectations for daily active users.

Wall Street analysts had high expectations for the Instagram and WhatsApp parent company, projecting an 18% jump in sales year over year. The company reported $40.6bn in sales, a 19% increase year over year that outpaced investor expectations of $40.19bn. Meta, which saw a 25% jump in its share price over the past two months, reported $6.03 in earnings per share (EPS), surpassing Wall Street's expectations of an EPS of $5.29.