July 16, 2024

Meta Platforms Inc.’s stock soared 11.6% higher in extended trading Wednesday after the social networking company’s profit declined less than expected in the first three months of 2023, and a revenue forecast pointed toward reinvigorated sales growth.

Facebook’s parent company META racked up fiscal first-quarter net earnings of $5.71 billion, or $2.20 a share, compared with earnings of $2.72 a share in the year-ago quarter. Revenue gained less than 3% to $28.65 billion from $27.91 billion a year ago.