Meta's shares rose by more than 6% in after-hours trading after the company released its quarterly earnings report, which exceeded Wall Street's expectations. The company's sales were $32 billion, and its earnings per share were $2.98, making it the most profitable quarter since the company changed its name to reflect its commitment to the metaverse.

While the metaverse division's losses have moderated, the segment has still lost about $25 billion in its 1.5 years of existence, while ToplineMeta's social media business generated over $80 billion in operating income. Despite the metaverse's setback, ToplineMeta's stock has risen by over 200% since last fall.

Meta has recently launched Threads, a text-based platform that aims to compete with Twitter. Although it has not yet generated revenue, analysts predict that it could contribute to Meta's growth and increase its stock value. Forbes reports that Meta's stock has reached a 14-month high after an earnings beat, despite losing billions in the Metaverse. However, Threads' user engagement has decreased after an initial surge.