Meta shares surge after Facebook ekes out user growth

Published by
Reuters

By Nivedita Balu and Elizabeth Culliford (Reuters) – Facebook rebounded from a drop in users early this year and its parent Meta posted a profit ahead of Wall Street targets, defying low investor expectations with a quarterly report that sent shares up 20%. Meta CEO Mark Zuckerberg also said that the company would scale back costs and was investing in artificial intelligence tools to improve recommendations and ads, a sign Meta is buckling down to make money while working on its long-term ambitions to build the metaverse. Its stock rose 19% in after-hours trade on Wednesday. Meta’s profit soun…

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