On Wednesday, Meta, the parent company of Facebook, reported a stronger earnings than projected in the most recent quarter, allaying investor fears about the impact of TikTok competition and loosening advertising restrictions.

Meta announced a profit of $7.5 billion on revenue of $27.9 billion in the first three months of this year, driving shares up more than 18 percent in after-market activity following the disclosure of the financial information.

“We made headway on a number of crucial corporate goals this quarter, and we remain excited about the long-term potential and growth that our product roadmap will unlock,” said Mark Zuckerberg, CEO of Meta.

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