Traders seem to appreciate Meta's prioritization of its core business lines during the first quarter of 2023.

The stock surged 14.6% a day after the company reported revenue and earnings that both handily beat analyst expectations. Forecasts for the current quarter were also higher than estimates, prompting a bevy of increased price targets. 

During Meta's Q1 earnings call Thursday, CEO Mark Zuckerberg spoke extensively about the focus on platforms like Instagram and Facebook. Zuckerberg notably spoke less about the metaverse — Meta's virtual reality gambit on which it has spent billions of dollars — and more about artificial intelligence. 

Still, Zuckerberg sought to counter the idea that Meta is backing away from the metaverse in spite of a $4 billion Q1 loss in its metaverse division. 

"A narrative has developed that we're somehow moving away from focusing on the metaverse vision. I just want to say upfront that is not accurate," he said. 

(by Adam Morgan McCarthy)