Meta, the parent company of Facebook and Instagram, has reported a significant 16% increase in profit and 11% revenue growth for the second quarter of 2023, topping Wall Street expectations and signalling a recovery in the digital advertising market after last year's challenges.

Prior to the first quarter, revenue had declined for three consecutive periods due to economic slowdowns and limitations in ad targeting capabilities.

In the 2nd quarter of 2023, Meta posted revenue of $32.0 billion up 11% from $28.8 billion in Q2 2022 beating analysts' expectation of $31.12 billion and earnings per share of $2.91, according to Refinitiv data, as shown in the Techloy chart below.