Facebook and Instagram parent company Meta said Wednesday its first-quarter profit more than doubled, boosted by higher advertising revenue and a 6% increase on the average price of ads on its platforms.

But its shares dropped sharply, 12.6%, by $62.52 to $431.52 a share in after-hours trading at 4:39 p.m. EST following lukewarm revenue guidance.

Meta Platforms Inc. earned $12.37 billion, or $4.71 per share, in the January-March period. That's up from $5.71 billion, or $2.20 per share, in the same period a year earlier.

Revenue rose 27% to $36.46 billion from $28.65 billion.

Analysts, on average, were expecting earnings of $4.32 per share on revenue of $36.14 billion, according to a poll by FactSet.

For the current quarter, the Menlo Park, California-based company said it expects revenue between $36.5 billion and $39 billion. Analysts are expecting revenue of $38.25 billion.