Is Meta Platforms Stock a Buy After Its Latest Earnings Report?

The odds were stacked against Meta Platforms (NASDAQ: FB) going into its first-quarter 2022 earnings report last week, so it wasn't surprising to see the social media giant's numbers turning out to be a mixed bag.

Despite the mixed news, investors liked what they saw, and Meta stock jumped 17% following the report's release. This may seem a tad surprising given that the Facebook parent's revenue fell short of expectations and that the guidance wasn't great either. So, why were Meta investors in a celebratory mood? Let's find out.

Meta Platforms' first-quarter revenue increased 7% year over year to $27.9 billion, landing at the lower end of its guidance range of $27 billion to $29 billion and falling short of the $28.3 billion Wall Street estimate. A disappointing revenue performance was already in the cards thanks to macroeconomic headwinds that have stifled ad spending so far this year.

Source Fool.com