Meta reported first quarter revenue of $36.5 billion, up 27 percent from the year-earlier period and above Wall Street expectations.

The company, which owns Facebook, Instagram and more, had issued guidance of $34.5 to $37 billion for the first quarter. Meta reported income of $12.4 billion, up 117 percent from the year-earlier period.

Its been a good start to the year, said Mark Zuckerberg, Meta founder and CEO. The new version of Meta AI with Llama 3 is another step towards building the worlds leading AI. Were seeing healthy growth across our apps and we continue making steady progress building the metaverse as well.

The company is no longer disclosing daily and monthly active users for Facebook, but is continuing to provide the number of family daily active people, which encompasses Facebook, Instagram and WhatsApp. For the first quarter, Meta reported a family daily active people number of 3.24 billion on average for March 2024, up 7% year-over-year.

However, shares were slumping 10 percent in after hours trading after Meta said it expects second quarter revenue in the range of $36.5-$39 billion.

More to come.