Meta surges as earnings beat expectations after belt tightening

Shares in Facebook parent Meta surged Wednesday after the internet titan reported it made a profit of $5.7 billion in the first quarter of this year, beating forecasts after a massive wave of cost-cutting and layoffs.

The profit came on revenue of $28.6 billion and as the number of people using Facebook every month grew to just shy of three billion, an earnings report showed.

“We had a good quarter and our community continues to grow,” said Mark Zuckerberg, Meta founder and CEO.

“We’re also becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver our long-term vision.”

Zuckerberg, who has called 2023 the “year of efficiency,” added that artificial intelligence being used at Meta is “driving good results” across its business.

Meta shares soared nearly 12 percent to $233.94 in after-market trades that followed the release of the earnings figures.

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