Meta stock skyrockets as ad revenue proves resilient for Facebook and Instagram’s parent

The rosy earnings report comes as the social media giant undergoes layers of intense and often brutal cost cutting.

Meta Platforms reported earnings on Wednesday for the first quarter of 2023, beating analysts’ expectations with earnings per share of $2.20 on revenue of $28.65 billion, and demonstrating that its advertising business is more resilient than some investors had feared.

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