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Meta’s costs and expenses in Q1 rose 9.4% to $24.76 billion. But since that growth was much less than the 16.1% rise in revenue, profitability improved.

Income from operations jumped 27% to $17.56 billion, well above the FactSet consensus of $15.39 billion. And operating margin improved to 41.5% from 37.9%.

The breakdown of Meta’s costs and expenses, as a percentage of revenue, was cost of revenue at 18%, research and development at 29%, marketing and sales at 7% and general and administrative at 5%.

That’s the highest percentage of revenue for R&D since it was 29% in Q2 2023.