- Coldplay ticket scalping fiasco sparks backlash in India
- Droughts drive Spanish boom in pistachio farming
- Tokyo recovers some losses to lead Asian markets higher
- Rural schools empty in North Macedonia due to exodus
- US dockworkers launch strike after labor contract expires
- Thousands evacuated as Super Typhoon Krathon approaches Taiwan
- Kenya airport whistleblower fears for his life
- Sheinbaum to take office as Mexico's first woman president
- Scientists fear underfunded Argentina research on verge of collapse
- US port officials gird for strike despite last-minute bargaining
- With 118 dead from Hurricane Helene, Biden defends US government response
- Breeder who tried to create enormous trophy sheep jailed in US
- Qatar Airways seeking 25% stake in Virgin Australia
- US port officials gird for strike as labor talks stay stuck
- As toll crosses 100, Trump puts Hurricane Helene at election center stage
- US Fed Chair sees 'further disinflation' in economy
- Epic Games sues Google and Samsung over app store
- Officials see no shortages from likely US port strike
- UK families of Gaza hostages warn Lebanon attack 'takes focus away'
- Shares in Stellantis, Aston Martin skid on profit warnings
- Dali prints found in London garage sold at auction
- ECB chief backs bank mergers amid UniCredit, Commerzbank talk
- China stocks soar on stimulus, but US and Europe retreat
- 100 dead in storm Helene damage, flooding across US southeast
- China stocks soar on stimulus, Europe slides on automaker woes
- German antitrust watchdog steps up monitoring of Microsoft
- Nepal's urban poor count cost of 'nightmare' floods
- E.Guinea, Gabon clash at ICJ over oil-rich islands
- New blow for UK's Starmer as growth data disappoints
- China's top banks to tweak mortgage rates to boost housing market
- Muslim women break taboos navigating east London's waterways
- Nepal dam-building spree powers electric vehicle boom
- More than 60 dead from storm Helene as rescue, cleanup efforts grow
- Dozens missing, 9 dead in migrant boat wreck off Spanish Canaries
- Death toll from Hurricane John hits eight in Mexico
- Storm Helene's toll rises as rescue and cleanup efforts gain pace
- SpaceX launches mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding as cleanup begins
- SpaceX set to launch mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding
- Boeing strike grinds on as latest talks fail to reach agreement
- Iran 'news' sites, hackers target Trump ahead of US election
- US ports brace for potential dockworkers strike
- Japan's speedy, spotless Shinkansen bullet trains turn 60
- US hurricane deaths rise to 44, fears of more 'catastrophic' flooding
- Global stocks mostly rise, cheering Beijing stimulus
- Europe en route for Moon with new simulator, says astronaut Pesquet
- Fireworks forecast if comet survives risky Sun flypast
- Argentina judge orders dictionary to delete pejorative definition of 'Jewish'
- Global stocks rise on rate hopes, Beijing stimulus
Facebook parent Meta calms investors with strong profit
Facebook parent Meta on Wednesday reported better profit than expected in the recently ended quarter, calming investors worried about the toll of competition from TikTok and eased pandemic restrictions 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 15 percent 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.
The average number of people using Facebook monthly rose 3 percent to 2.94 billion by the end of March, while some 3.64 billion people used at least one member of Meta's family of apps each month, the tech giant reported.
Meta owns Facebook, Messenger, WhatsApp, Instagram and virtual reality firm Oculus.
"More people use our services today than ever before, and I'm proud of how our products are serving people around the world," Zuckerberg said.
Investors had been worried that as the pandemic eased and people socialized more in real life that they would engage less on Facebook. There were also concerns about competition from video sharing sensation TikTok.
Zuckerberg has cited pressure from TikTok, and Facebook launched its own short-form video sharing feature Reels which has seen fast growth.
Expenses at Meta climbed 31 percent to $19.4 billion when compared with the same quarter a year earlier. Meta said that it ended the quarter with 77,805 employees, an increase of 28 percent from a year ago.
Meta has been investing heavily in a future that Zuckerberg believes will include people spending time in immersive virtual worlds referred to as the metaverse.
Doubts have swirled about whether the major metaverse investments will pay off for Meta, which changed its name from Facebook last year to highlight its shifting focus -- though critics claim it was to distract from negative media reports.
The metaverse is a 3D virtual world where people will be able to interact using sensors, head gear and other gadgets.
Meta's early metaverse platform, called Horizon Worlds, already allows people to socialize virtually while represented by avatars.
P.Gonzales--CPN