Facebook rebounded from a drop in users early this year and its parent Meta (FB.O) posted a profit ahead of Wall Street targets, defying low investor expectations with a quarterly report that sent shares up 20%.

Facebook rebounded from a drop in users early this year and its parent Meta (FB.O) 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

Meta CEO Mark Zuckerberg also said that the company would scale back costs and was investing in artificial intelligence tools

Meta is buckling down to make money while working on its long-term ambitions to build the metaverse.

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.

Its stock rose 19% in after-hours trade on Wednesday.

The earning beats were tempered by Meta recording its slowest revenue growth in a decade.

The earning beats were tempered by Meta recording its slowest revenue growth in a decade.

Facebook daily active users (DAU), a key metric for advertisers, were 1.96 billion, slightly higher than the estimate of 1.95 billion

Facebook daily active users (DAU), a key metric for advertisers, were 1.96 billion, slightly higher than the estimate of 1.95 billion

Monthly active users came in at 2.94 billion, missing Wall Street estimates by 30 million.

Monthly active users came in at 2.94 billion, missing Wall Street estimates by 30 million.