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Facebook parent Meta on Wednesday posted sharply higher earnings for the third quarter, boosted by an increase in advertising revenue and lower expenses after it聽聽of workers.

The stronger-thank-expected results followed Google parent聽聽Tuesday showing a rebound in earnings and revenue growth 鈥� a sign the online-advertising market is picking up after a slump in the past couple of years.

Meta, based in Menlo Park, California, said that it earned $11.58 billion, or $4.39 per share, in the July-September quarter. That鈥檚 up from $4.4 billion, or $1.64 per share, a year earlier. Revenue rose 23% to $34.15 billion from $27.71 billion.

Analysts, on average, were expecting earnings of $3.64 per share on revenue of $33.58 billion, according to a poll by FactSet.

鈥淒espite broader tech market fluctuations, Meta continues to meet expectations.,鈥� said Insider Intelligence analyst Jeremy Goldman. 鈥淲ith its sustained upward trajectory, robust user engagement, and strategic cost optimizations, Meta is not only navigating choppy waters but also setting the course for uncharted territories of growth.鈥�

Meta, which on Tuesday was聽聽plus the the District of Columbia for harming young people鈥檚 mental health, said the number of active users on Facebook was 3.05 billion as of Sept. 30, an increase of 3% from a year earlier.

鈥淭his landmark lawsuit could herald a seismic shift in how social media platforms approach product features and user engagement,鈥� Goldman said. 鈥淭hat said, even as tech stocks face uncertainty, Meta鈥檚 consistent performance cements its leadership in the digital realm.鈥�

The number of monthly active users on its 鈥渇amily of apps鈥� that include Facebook, Instagram, WhatsApp and Messenger, was 3.96 billion as of the end of the quarter, up 7% from a year earlier. Meta does not break out its user figures for apps other than Facebook on a quarterly basis.

CEO Mark Zuckerberg said in a conference call with analysts that Meta鈥檚 Twitter-like聽, which launched in July, has 100 million monthly active users.

鈥淚 thought for a long time there should be a billion-person public conversation app that is a bit more positive,鈥� he said, adding that if 鈥渨e keep this up for a few years鈥� Threads has a good chance of being that app.

Total costs and expenses were $20.4 billion, down 7% year-over-year. Meta said it had 66,185 employees as of Sept. 30, a decrease of 24% from a year earlier.

For the current quarter, Meta is forecasting revenue of $36.5 billion to $40 billion. Analysts are expecting $38.84 billion.

Shares in Meta Platforms Inc. fell about 3% in after-hours trading after the results came out. The stock had closed down $13.02, or 4.2%, at $299.53.