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(Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

Facebook's stock was up more than 6% in after-hours trading Wednesday, after it reported strong Q1 revenue results, which it attributed to growth in its advertising business. It also exceeded Wall Street expectations on earnings per share.

Yes, but: The tech giant missed Wall Street expectations slightly on user growth, suggesting its consistent user growth throughout the pandemic has begun to slow slightly.

Details: Facebook said it saw a 30% year-over-year increase in the average price per ad last quarter, as well as a 12% increase in the number of ads delivered.

By the numbers, per CNBC:

  • Earnings: $3.30 per share vs. $2.37 per share forecast
  • Revenue: $26.17 billion vs. $23.67 billion expected
  • Daily active users (DAUs): 1.88 billion vs. 1.89 billion forecast by FactSet
  • Monthly active users (MAUs): 2.85 billion vs. 2.86 billion forecast by FactSet

What's next: In a letter to shareholders, the company said it expects increased ad targeting headwinds in 2021 from the recently-launched iOS 14.5 update, which Facebook expects to start impacting its business in the second quarter.

  • It also said it expects year-over-year total revenue growth rates to "significantly decelerate sequentially" as the company lap periods of increasingly strong growth during the end of last year.

Go deeper ... Facebook's earnings over the past year:

Go deeper

Apr 27, 2021 - Economy & Business

Alphabet stock spikes on strong Q1 revenue growth

Photo Illustration by Budrul Chukrut/SOPA Images/LightRocket via Getty Images

Google's parent company Alphabet blew past Wall Street expectations on revenue and earnings per share during the first quarter, the tech giant said Tuesday.

Why it matters: Much of that growth can be attributed to YouTube, which grew its revenue by nearly 50% year-over-year last quarter.

Dion Rabouin, author of Markets
Apr 27, 2021 - Economy & Business

Earnings, inflation fears and Fed meeting make for busy week in markets

Illustration: Sarah Grillo/Axios

Concerns about higher taxes and inflation pushed the S&P 500 to its first weekly loss since mid-March last week, but Monday began where that week ended with stocks moving higher.

What's happening: While traders are largely looking past inflation worries, even after last week's IHS-Markit purchasing managers index showed yet another record high reading for prices, company executives are not.

Apr 28, 2021 - Technology

Spotify reports strong Q1 revenue growth

Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

Spotify on Wednesday reported strong Q1 revenue growth, fueled by positive subscriber additions and strong ad sales, as well as lowered headwinds from foreign exchange rates.

The big picture: The Swedish tech giant noted that increased subscriber growth and user engagement can be attributed in part to the better-than-expected performance of "The Joe Rogan Experience," a podcast it acquired exclusively for over $100 million.