Meta Platforms, Inc. Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Highlights

  • Total revenue was $27.9B, up 7% year-over-year (or 10% in constant currency). This compares to stronger growth in 2021, when e-commerce trends boosted results.
  • Ad revenue was $27B, up 6% year-over-year. APAC and Rest of World showed strong growth, while North America grew 1% and Europe was flat.
  • Total expenses were $19.4B, up 31% due to higher hiring, R&D, infrastructure, and legal costs. The company added 5,800 net new employees.
  • Operating income was $8.5B (31% margin), down from higher margins in prior periods.
  • Net income was $7.5B at $2.72 EPS.
  • Free cash flow was $8.5B. Stock repurchases totaled $9.4B.
  • Cash and marketable securities ended at $43.9B.

Segment Results

  • Family of Apps revenue reached $27.2B, up 6% year-over-year.
  • Family of Apps operating income was $11.5B, a 42% margin.
  • Reality Labs revenue was $695M, up 30%, but operating loss widened to $3B due to higher R&D and staffing.

User Metrics

  • Daily active users (DAUs) on Facebook: 1.96B, up 4% (82M).
  • Monthly active users (MAUs): 2.94B, up 3%.
  • Family daily active people (DAP): approx. 2.9B; family monthly active people (MAP): approx. 3.6B.

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Operator: Good afternoon. My name is France and I will be your conference operator today. At this time, I would like to welcome everyone to the Meta First Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] The call will also be recorded. Thank you very much. Ms. Deborah Crawford, Meta’s Vice President of Investor Relations, you may begin. Deborah Crawford: Thank you. Good afternoon, and welcome to Meta Platforms’ first quarter 2022 earnings conference call. Joining me today to discuss our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and Dave Wehner, CFO. Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today’s press release, and in our annual report on Form 10-K filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today and we undertake no obligation to update these statements as a result of new information or future events. During this call we may present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today’s earnings press release. The press relea

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