Meta stock jumps after company reports first revenue growth in nearly a year
This is good news for Facebook, which has been struggling to keep users interested in its platform.
New York CNN
Meta, the parent company of Facebook, reported on Wednesday that its sales grew by 3% in the first quarter of this year. This reversed a trend where revenue had declined for three consecutive quarters. It also exceeded Wall Street analysts expectations.
Meta shares rose as high as 9% after-hours following the report. This continued the company's positive trajectory since Zuckerberg declared that 2023 will be an 'year for efficiency'.
In a Wednesday statement, Zuckerberg stated that 'we had a great quarter and our community is growing'. We're becoming more efficient to build better products quicker and strengthen our position in order to deliver the long-term vision.
Meta still has a steep hill to climb.
Profits also fell by almost a quarter from the same period last year, to $5.7 billion. The price per advertisement, which is an indicator of how well the core digital advertising business of the company is doing, also dropped by 17% compared to the previous year.