Meta does not live up to expectations as shares fall in after-hours trading

In its quarterly report on Wednesday evening, Meta reported earnings per share of $7.32.

Revenue was $56.3 billion. Analysts had expected $55.45 billion on average, according to research firm LSEG, CNBC reported.

Investment costs came in at $19.84 billion, far less than the $27.57 billion expected, according to analyst firm Street Account.

Meanwhile, Meta said 3.56 billion people use the company's social media daily. That's a 4 percent increase from a year ago but lower than the 3.62 billion that analysts had expected.

Meta's stock fell almost 7 percent in after-hours trading on the New York Stock Exchange.