Meta sees profits soar in first quarter [Video]

Facebook-owner Meta on Wednesday said its quarterly profits soared last quarter as the company continues to see stellar ad growth across its family of world-leading social media apps.

The company founded by Mark Zuckerberg said that net profit in the January to March period rose to $12.4 billion with total revenue, mainly from selling ads, up an impressive 27 percent, at $36.5 billion.

According to analyst Debra Williamson of Sonata Insights, Meta’s growth is due in particular to its sophisticated advertising tools and the success of “Reels”, the algorithm-fueled short videos to be scrolled through in succession, copied from TikTok.

In another potential boost to its business, by the end of the year, Meta could also start selling advertising on Threads, its text message platform similar to X (formerly …