Facebook parent Meta calms investors with strong profit

San Francisco: Facebook parent Meta on Wednesday reported better profit than expected in the recently ended quarter, calming investors worried about the toll that competitor TikTok and eased pandemic restrictions might take on the company.

Meta said it made a profit of $7.5 billion on revenue of $27.9 billion in the first three months of this year, sending shares up more than 12 per cent in after-market trading that followed release of the earnings figures.

“We made progress this quarter across a number of key company priorities and we remain confident in the long-term opportunities and growth that our product roadmap will unlock,” said Meta chief Mark Zuckerberg.