In April, Meta’s earnings report revealed it had its best first quarter in company history, with revenue hitting $56.3 billion, up 33% year-over-year, and net income at $26.8 billion. Just after the report’s release, Meta stock fell about 7% in extended trading. A week before the earnings report, Meta had notified roughly 8,000 employees they were losing their jobs. Six weeks before that, it had quietly granted six senior executives stock packages that could be worth as much as $921 million each, if Meta becomes the most valuable company of all time. Meta’s $26.8 billion net income includes an $8.03 billion one-time tax benefit tied to the One Big Beautiful Bill Act; adjusted earnings were $7.31 per share, above the $6.79 analysts expected. Meta now expects capital expenditures of $125 billion to $145 billion for the year, up from an earlier estimate of $115 billion to $135 billion, mostly for AI chips, data centers and infrastructure. Another concern was that Meta’s combined daily active people across Facebook, Instagram, WhatsApp and Messenger fell quarter-over-quarter for the first time since the company began reporting the metric.