Social media platform and metaverse company Meta Platforms (NASDAQ:FB) announced first quarter earnings after market close Wednesday. Here are the highlights.

What Happened: First-quarter revenue of $27.91 billion was up 7%. The total came in below the consensus estimate of $28.21 billion, according to Benzinga Pro.

Earnings per share of $2.72 came in ahead of a consensus estimate of $2.56.

"We made progress this quarter across a number of key priorities and we remain confident in the long-term opportunities and growth that our product roadmap will unlock," said Meta founder and CEO Mark Zuckerberg. "More people use our services today than ever before, and I'm proud of how our products are serving people around the world."

The company reported 2.87 billion daily active people for its family of products, up 6% year-over-year. Monthly active people for its family of products were 3.64 billion in the first quarter.

Facebook had 1.96 billion daily active users in the first quarter, up 4% year-over-year. Facebook monthly active users of 2.94 billion were up 3% year-over-year.

The company reported ad impressions up 15% year-over-year in the first quarter with ad pricing down 8% year-over-year.

Related Link: How Meta Platforms (Formerly Facebook) Stock Looks Heading Into Q1 Earnings Print 

What's Next: Meta Platforms is guiding for second-quarter revenue to come in a range of $28 billion to $30 billion. The guided total is below a consensus estimate of $30.6 billion.

The company said the guidance includes softness seen in the latter half of the first quarter coinciding with the war in Ukraine.

Meta Platforms sees expenses for fiscal 2022 coming in a range of $87 billion to $92 billion, below a previous range of $90 billion to $95 billion.

FB Price Action: Meta Platforms shares are up 13% to $198.79 in after-hours trading. Shares have traded between $179.50 and $384.33 over the last 52 weeks.