Meta Platforms Stock Rises After Posting Upbeat Outlook for Coming Year

Facebook parent Meta Platforms Inc. rose by as much as 18% in after-hours trading after reporting improving conditions that point to signs of recovery for the social-media giant, which has weathered privacy restrictions and growing competition from rival TikTok.

Meta said it would buy back an additional $40 billion in shares this year, reduced its estimate for costs and said revenue from January to March would reach as high as $28.5 billion. That would exceed the company’s sales in the first quarter of 2021, right before Apple Inc. introduced privacy...