The strong results come at a time when Meta’s tech rivals appear to be emerging from a rut that has led to more than 150,000 layoffs across the sector.
Google’s parent company Alphabet reported strong results on Tuesday as its digital ad sales held up better than expected and demand for cloud services increased.
Microsoft also beat Wall Street estimates and claimed that artificial intelligence products were spurring sales.
Meta has launched an aggressive cost-cutting campaign, with plans to cut 21,000 jobs and flatten its middle-management structure, as it strives to meet CEO Mark Zuckerberg’s goal of making 2023 the ” year of efficiency”.
“Our AI work is paying off across all of our applications and businesses. We’re also becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver our long-term vision,” Zuckerberg said.