Facebook parent Meta Platforms reported its largest quarterly revenue since going public more than a decade ago as demand for advertising picked up and the company continued to reap the benefits of cutting costs and developing new AI technology.

Meta’s sales increased to $34.1 billion, up more than 23% compared with a year ago. That represents Meta’s third quarter in a row of rising revenue after the company saw its business shrink for most of 2022. The 23% increase is Meta’s largest year-to-year growth in revenue since the third quarter of 2021.