Meta Shares Rise As Earnings Top Expectations

Text size

Meta on Wednesday reported profit of $13.5 billion in the recently ended quarter, beating market expectations and causing the share price to jump.

Meta, the parent company of Facebook and Instagram, said revenue in the quarter was $39 billion, some 22 percent higher than the same period a year earlier.

“We had a strong quarter, and Meta AI is on track to be the most used AI assistant in the world by the end of the year,” said Meta founder and chief Mark Zuckerberg.

gc/dw