**Title: Meta’s First Quarter Earnings Results – Better than Expected | CNBC**
Welcome to CNBC’s coverage of Meta’s (formerly Facebook) first quarter earnings results! In this video, Brad Erickson, RBC Capital Markets internet services senior analyst, joins Squawk Box to provide in-depth analysis and insights into Meta’s performance. Subscribe to CNBC PRO for access to live and exclusive video: [CNBC PRO Subscription](https://cnb.cx/2NGeIvi)
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Join Brad Erickson, an industry-leading analyst, as he breaks down Meta’s impressive first quarter earnings results on CNBC’s Squawk Box. Despite initial concerns, Meta’s report revealed better-than-expected numbers, significantly surpassing market forecasts.
In this informative discussion, Brad analyzes the last two weeks of March, revealing key data points that indicated positive performance in the digital response ad industry. While Meta experienced some fluctuations, Brad highlights how Google outperformed Meta in certain areas. However, Meta made changes that impacted return on ad spend, creating uncertainty for investors.
Looking at Meta’s stock, Brad discusses how Mark Zuckerberg’s efficiency-focused approach and cost-cutting measures contributed to its rebound after announcing significant layoffs. He also examines Meta’s move into the metaverse and emphasizes the importance of Meta’s core business success compared to its metaverse endeavors.
Brad shares his bullish outlook for Meta’s core business, which remains his top pick for the year. He acknowledges the potential of the metaverse as a future growth driver but emphasizes the need for concrete evidence of mass adoption to truly assess its impact on Meta’s overall business model.
Additionally, Brad provides insights into the overall economy and ad spending trends for Meta. He explains how Google and Meta’s search revenue beat expectations, while small and medium businesses faced challenges due to the economic impact of the pandemic. Despite these obstacles, Brad highlights the resilience of consumers and the gradual recovery of ad revenue.
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Brad Erickson, RBC Capital Markets internet services senior analyst, joins ‘Squawk Box’ to discuss Meta’s first quarter earnings results, which came in better than expectations. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi
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