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.