Meta Platforms stock jumps 19% as Facebook returns to user growth

The company reports slowest rise in revenue in a decade

Shares of Facebook parent Meta Platforms surged as much as 19 per cent on Thursday after the company reported its main platform added more users than projected in the first quarter, easing concerns that the company is losing momentum as a new generation flocks to younger sites like TikTok.

Meta on Wednesday reported 1.96 billion daily users for its flagship platform, a return to growth after the first-ever decline in the December quarter. Analysts had estimated 1.94 billion.

Revenue for the period jumped 6.6 per cent to $27.9 billion, clocking in the slowest growth in a decade, and would have been higher