Meta posted results for the first quarter that exceeded expectations, showing growth in earnings, but the social media giant also increased its forecasted capital expenditures for the year.
The company earned $26.77 billion in the January-March period, up about 61 percent from the same period a year earlier. Revenue rose 33 percent from last year to $56.31 billion.
Meta expects total revenue for the second and current quarter to be in the range of $58 billion to $61 billion, compared with the average analyst estimate of $59.48 billion.
The company also updated its projected capital expenditures for the year to be in the range of $125 billion to $145 billion, increased from the previously announced range of $115 billion to 4135 billion. Meta said the change reflects its expectations of higher component pricing and, “to a lesser extent,” additional data center costs.
Amazon also reported a strong increase in profits and net sales during its fiscal first quarter, helped by surging growth in its prominent cloud computing unit.
The company said that sales in its cloud computing unit were up by 28 percent, the fastest increase in 15 quarters.
Amazon reported earnings of $30.3 billion. That compared with $17.1 billion, in the year-ago period.
Net sales rose 17 percent to $181.5 billion in the quarter, compared with $155.7 billion a year ago.
Revenue from Amazon Web Services reached $37.58 billion. Analysts were expecting $36.6 billion, according to FactSet.
