Thanks to a surge in advertising in China, Meta Platform managed to post a stronger performance in the first quarter of 2023.
In a report released on Wednesday, the social networking giant noted that Chinese companies have spent heavily over the past three months on Facebook ads aimed at users living abroad.
It was helped by the drop in shipping costs and the recent easing of Covid-19 restrictions that pushed them to use the huge reach of Facebook and Instagram around the world to get new customers.
Even so, Meta's sales rose only 3% year-over-year to $28.65 billion in the first quarter, signaling that there is still uncertainty in the digital advertising market.
Still, the better-than-expected report was enough to send its shares up nearly 12% in extended trading after the New York session.
Meta predicts an uncertain macro environment for the rest of this year and a more challenging regulatory environment following the implementation of legislation by the European Union (EU).
