Meta reported record Q1 earnings of $56.3B while cutting 8,000 jobs after executives received options worth up to $921M
By
Godwin Oluponmile
Summary
Meta reported its best first quarter ever with $56.3 billion in revenue (up 33% YoY) and $26.8 billion in net income, yet the stock fell 7% in extended trading. Just months earlier, six Meta executives received stock options worth up to $921 million each. Despite the record earnings, Meta cut 8,000 jobs shortly after, leaving many employees jobless while top executives were handsomely compensated. The article highlights the stark contrast between corporate profitability, executive wealth, and mass layoffs.
Source
bskyMeta reported record Q1 earnings of $56.3B while cutting 8,000 jobs after executives received options worth up to $921Mmoneywise.comKey quotes
· 5 pulledIn April, Meta's earnings report revealed it had its best first quarter in company history.
Their revenue hit $56.3 billion, up 33% year-over-year, which is the fastest growth it has seen since 2021.
Their net income landed at $26.8 billion.
And yet, just after the report's release, Meta stock fell about 7% in extended trading.
Despite a solid Q1, many Meta employees have found themselves jobless.
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