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Meta, the parent of Facebook and Instagram, doubled profits and beat revenue expectations in the third quarter as the advertising slump dissipated, even as it warned costs will continue to rise into 2024. 

Revenues at the social media group rose 23 per cent to $34.1bn in the third quarter compared with the same period last year, above analyst expectations of a rise to $33.4bn.

Net income rose 164 per cent to $11.6bn, well above the consensus forecast for $9.4bn, in a sign that chief executive Mark Zuckerberg’s recent restructuring of the business has paid off. Shares of the company rose 3 per cent in extended trade.

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