On Thursday, shares of Facebook parent Meta Platforms surged as much as 19 per cent after the company reported. On 28 April 2022 Meta had reported 1.96 billion daily users for its flagship platform, a return to growth after the first-ever decline in the December quarter.

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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 if not for the war in Ukraine, the firm said. The stock had dropped almost 50 per cent this year as investors became increasingly worried that Meta’s main business and profit engine advertising in its social media feeds was losing steam.

Those concerns appear to have been put to rest at least for now given Facebook added 31 million new daily active users in the recent quarter. Still, many of Meta’s challenges remain. Chief Executive Officer Mark Zuckerberg has acknowledged that the video-sharing app TikTok, is providing serious competition for young users’ attention.