Meta shares plunged more than 18% in extended trading on Wednesday after the company issued a light forecast, which overshadowed better-than-expected first-quarter results.

Here are the key numbers:

• Earnings per share: $4.71 per share vs. $4.32 per share expected by LSEG
• Revenue: $36.46 billion vs. $36.16 billion expected by LSEG

Revenue increased 27% from $28.65 billion in the same period a year earlier, the fastest rate of expansion for any quarter since 2021. Net income more than doubled to $12.37 billion, or $4.71 per share, from $5.71 billion, or $2.20 per share, a year ago.

One reason for the pop in net income is that, while revenue growth accelerated, sales and marketing costs dropped 16% from the year-earlier period.

Meta said it…