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Chinese retailers helped lift Meta's first-quarter sales in a tough online advertising market

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Meta's first-quarter earnings jumped 3% year over year due in part by Chinese retailers buying Facebook ads.

Kevin Dietsch | Getty Images News | Getty Images

Still, Meta's sales grew only 3% year over year to $28.65 billion during the first quarter, underscoring that there's still turbulence in the digital advertising market. Investors were also keen to hear CEO Mark Zuckerberg preach Meta's "year of efficiency" that will result in some 21,000 employees exiting the company by early summer.that affected technical workers last week and reminded analysts that more job cuts will hit business groups in May.

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Meta earnings preview: Can Facebook remain resilient amid online-ad downturn?Meta shares have enjoyed a big rally this year, and the company will put its $500 billion-plus valuation to the test Wednesday when it reports results.
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