On Wednesday, Meta reported earnings for the quarter ended in September that exceeded Wall Street’s expectations, confirming that the company’s “year of efficiency” turnaround strategy is working. According to Meta, the layoff portion of its cost cutting plan has been “substantially completed” following a brutal year in 2022.

Revenue for Facebook’s parent company increased 23% year-over-year to $34 billion, exceeding analysts’ projections of $33.5 billion. Additionally, Meta’s profits more than doubled over the prior year’s same quarter, reporting nearly $11.6 billion in net income. The prior year, Meta’s profits dropped by half during the same quarter.

The stock of Meta (META) soared as much as 4% in after-hours trading Wednesday after the report was released. The stock of Meta had already risen 140% year-to-date by Wednesday’s close.

Meta reported its most profitable quarter in years, according to Investing.com senior analyst Jesse Cohen.

After the company’s third quarter revenue decline, Zuckerberg laid out his plans for a “year of efficiency” in February, following a bruising year in which Apple’s app privacy changes and lower digital ad spending accompanied broader macroeconomic uncertainty. Due to fierce competition from rivals like TikTok, the company’s user growth had also been slowing.

Both Meta’s family of apps and its core Facebook platform saw relatively strong user growth on Wednesday. The number of monthly active Facebook users grew by 3% year-over-year to more than 3 billion, compared with 2% growth a year ago.