Meta posted a net income of $11.58 billion for the quarter, a 164% increase year over year. The company reported quarterly revenue of $34.15 billion, a 23% increase over last year, which exceeded analyst estimates of $33.56 billion. The company's stock jumped by more than 4% in after-hours trading following its positive earnings report. The boost came after Meta stock dropped by about 4% during regular trading hours on Wednesday. While Meta has spent the past few years talking up technological advancements, first in the metaverse and more recently in artificial intelligence, advertising continues to be its bread and butter. The company reported $33.64 billion in revenue from the ad business, beating Wall Street expectations of $32.94 billion. It also reported a 31% year-over-year increase in ad impressions, even as the average price per ad decreased by 6% during the same period.