Meta shares sink 11% on weak revenue guidance

- Meta (META) issued better-than-expected results for the first quarter but the stock dropped on a light revenue forecast. - Revenue increased 27% from the same period a year earlier, and net income more than doubled to $12.37 billion. - Meta expects revenue in the second quarter to be between $36.5 billion and $39 billion, below analysts' estimates. - Headcount at Meta declined by 10% from a year earlier to 69,329. - Meta's Reality Labs unit, focused on the metaverse, reported sales of $440 million for the quarter and $3.85 billion in losses. - Executives will discuss the company's results on a call with analysts.