Meta Stock Rallies as Earnings Top Estimates, Meta AI Hits User Milestone

Meta (META) reported better-than-expected quarterly earnings, sending shares higher in extended trading Wednesday.

The Facebook, Instagram, and WhatsApp parent reported first-quarter revenue of $42.31 billion, up 16% year-over-year and above the analyst consensus from Visible Alpha. Net income of $16.64 billion, or $6.43 per share, compared to $12.37 billion, or $4.71 per share, a year earlier, also topping projections. Advertising revenue, which makes up the bulk of Meta’s revenue,…