Facebook parent company Meta Platforms Inc on Wednesday reported first-quarter earnings that beat Wall Street’s expectations.
Meta said Facebook’s monthly user base has reached close to 3 billion.
The Menlo Park, California-based company reported a net profit of $5.71 billion, or $2.20 per share, in the January-March period. That’s down 19% from $7.47 billion, or $2.72 per share, a year ago.
Its revenue rose 3% to $28.65 billion from $27.91 billion.
“Our AI work is driving great results across our apps and business,” CEO Mark Zuckerberg said in a statement.
“We’re also becoming more efficient so we can build better products faster and position ourselves stronger to deliver on our long-term vision.”
Meta said it has “substantially completed” the first announced layoffs in 2022. It announced a second round of layoffs in March.
Shares of the Menlo Park, California-based company rose more than 12% to $235.60 in after-hours trading.
Meta said it expects revenue of $29.5 billion to $32 billion for the June quarter.
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