Meta's strong revenue dispelled advertising business concerns, rising more than 6% after hours

Meta Platforms (META. O) said Quarter 1 sales hit $42 billion and said it would see steady growth in the coming months, dispelling concerns that Trump's tariffs would hurt its global digital advertising business. The social media giant said its Quarter 1 revenue rose 16 percent, beating analysts' estimates. Meta had expected the company's revenue for the current quarter to rise 8 percent to 16 percent year-over-year, sending its shares up more than 6 percent in after-hours trading. In addition, the company's Quarter 1 net profit was $16.60 billion. Meta also said it cut its full-year spending forecast by $1 billion. However, Meta's Metaverse business unit, Reality Labs, recorded an operating loss of $4.20 billion against sales of $412 million. Since the end of 2020, Reality Labs has accumulated losses of more than $60 billion.