Meta, the tech giant, announced quarterly earnings of $16.6 billion on Wednesday, surpassing expectations and ignoring market concerns about its heavy spending on cloud computing and artificial intelligence.
Meta generated revenues of $42.3 billion in the first three months of the year, a 16% increase compared to the same period last year, driven by continued strong spending by companies on advertising.
Shares of the social media giant rose by more than 3% in after-hours trading.
