Live news: Mattel reports full-year profit outlook despite wider-than-expected loss in first quarter

Meta issued sales guidance above expectations and reported a small uptick in revenues after three consecutive quarters of declines, as chief executive Mark Zuckerberg’s “year of efficiency” begins to bear fruit.

First-quarter revenues rose 3 per cent to $28.6bn, above analyst expectations for a slight decline to $27.7bn. The company also pointed to second-quarter revenues of between $29.5bn and $32bn, above the analyst consensus for a rise to $29.46bn, according to S&P Capital IQ.

Net income in the first quarter fell 24 per cent to $5.7bn, however, while earnings per share dropped 19 per cent to $2.20, with the company deploying artificial intelligence to make its platform more engaging and its advertising more effective, and to streamline internal processes.